Apple and Hyundai to Sign Apple Car Deal by March With Production Beginning in 2024

Apple and Hyundai will reach a partnership agreement for the upcoming Apple Car by March, according to a new report shared by Reuters, citing Korea IT News.

Before being revised, the Korea IT News report said that the companies may either manufacture the electric vehicles at a Georgia factory owned by Kia Motors, a Hyundai Motor Group affiliate, or invest in a new facility in the United States that could produce up to 400,000 vehicles annually. The report also mentioned that a "beta version" of the Apple Car could be released in 2022.

Reuters last month reported that Apple Car production may begin around 2024, and that time frame was again echoed in today's report. A 2024 start of production may be a bit ambitious, as a report from Bloomberg last week said that the Apple Car is "nowhere near production stage" and could be ready in around five to seven years.

Rumors that Apple is in negotiations with Hyundai first surfaced last week‌, suggesting that Apple is planning to work with the automaker to produce electric vehicles and develop batteries due to the high costs of the technology and the necessary production facilities.

Hyundai initially confirmed its electric vehicle discussions with Apple in a statement to CNBC, but the statement was revised hours later with no mention of Apple.