Reports Of Apple Electric Vehicle Partnership Send Kia Stocks To Two-Decade High

There’s been no shortage of rumors over the last few years about a possible Apple

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electric vehicle. Sometimes called Project Titan, other times called the iCar, whatever it is that Apple is working on, it’s clear that the computer and smartphone behemoth is more than a little interested in things with wheels.

Still, just because we don’t know exactly what Apple’s plans are doesn’t mean the stock market is going to shift to neutral. In fact, following yet another story, this time from a South Korean newspaper that provides some unsourced-but-specific details, shares in Kia jumped up about a dozen percent today to their highest value in over twenty years.

That’s because this rumor claims Apple will invest $3.59 billion with Kia as part of a joint project to actually build some sort of future Apple EV at Kia’s U.S. plant in West Point, Georgia. The report says a deal will be signed, and we assume then made public, later this month, on February 17.

But wait, there’s more. The Korean newspaper, the century-old Dong-a Ilbo, says that the deal includes plans to build 100,000 Apple cars in Georgia by 2024, with that number growing to 400,000 some time after that.

For now, Apple and Kia (through its parent company, Hyundai) are not talking to the media, but this is the second Hyundai-Apple rumor we’ve heard in the last few weeks. The first rumors of a potential tie-up between the two companies came in early January. There were vague denials issued at the time, but a partnership like this would help both companies, since the Hyundai and Kia brands would get the benefits of working directly with Apple and Apple doesn’t have any experience building vehicles.

After the Hyundai news came out, there were also reports that Apple has been talking to other automakers as well, including start-ups like Canoo. Nothing came from the other discussions, as far as we know, giving more credence to the new Kia story.

Kia has some good news of its own to report, too. Yesterday, Kia Motors America said that it sold more vehicles last month, 44,965 units, than in any other January ever. There were not many EVs in the mix, the brand only sells the Niro EV and Soul EV here, but the Hyundai Group as a whole has invested big money into electric vehicle platforms and brands. For now, though, it’s gas-powered light trucks – including CUVs and SUVs like the traditional-powered Soul, Seltos and Telluride – that make up two thirds of Kia’s U.S. sales, an increase of 18.3 percent from last January.