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Apple Reportedly To Invest $3.6 Bln In Kia Motors

Apple Inc. (AAPL) will invest 4 trillion won or $3.6 billion in Kia Motors Corp. (KIMTF.PK) as part of a collaboration between the companies on making electric vehicles, a South Korean daily newspaper DongA Ilbo reported.

The iPhone maker plans to set up production with Kia Motors and build Apple cars at the South Korean carmaker's facility in Georgia, U.S., the report said.

According to the the newspaper, the companies could sign a deal in the middle of this month and aim to unveil Apple cars in 2024. They initially target to produce 100,000 cars per year.

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