Apple (NASDAQ: AAPL) is quietly developing its Apple iCar.
The program to develop an autonomous electric car is known as “Project Titan.” And the Apple iCar designed to compete directly with EVs from Tesla Motors (NASDAQ: TSLA).
Right now, Apple is likely selecting partners to supply lidar technology and EV batteries for its new car. And it could mean billions in contracts for these little-known stocks.
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Of course, Apple doesn’t plan to manufacture the new iCar. Instead, the company plans to outsource everything . . .
Bloomberg reports that Apple may be making a major news announcement on Feb. 17.
It’s rumored that Apple has selected Kia to build the new iCar. That’s according to a Korean news organization cited in Bloomberg’s report.
The new Apple iCar could be manufactured at a Kia facility located in West Point, Georgia.
Is This the New Apple Car Factory?
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The report suggests that Apple plans to roll out the iCar in 2024.
The factory would be capable of producing 100,000 vehicles in its first year. Production could then be increased to reach 400,000 EVs per year.
Kia is owned by Hyundai Motor Co. Its stock jumped 15% on the news. And it’s trading at the highest level since 1997.
Apple is rumored to be investing $3.6 billion in Kia as part of the deal.
One new EV battery could be used in the new Apple iCar. And that could be a boom to one little-known company.
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Last year’s sales reached $100 million. And the EV battery maker reports to have over $1 billion in signed contracts!
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Full Disclosure: Ian Wyatt owns shares of Apple.