Since 2015, Apple has been rumored to be working on its own electric vehicle. According to the latest news, LG and Magna automotive joint venture, LG Magna e-Powertrain is close to signing a deal. If the deal is signed then the joint venture will manufacture Apple Car.
The Korea Times reported that the joint venture would manufacture initial rounds of Apple Car production. Apple is expected to come out with its electric vehicle by 2025. The deal is expected to be completed later this year.
Initially, Apple’s potential production partners included Hyundai and Kia. A report even disclosed a valuation of 4 billion US Dollars. However, the deal ended without further discussion and negotiation.
As of now, we know that the electric car will be branded under Apple’s banner which suggests, production partners like LG Magna e-Powertrain will only act as links in the supply chain. It is kind of similar to Apple’s partnership with Foxconn and others for the iPhone. Analysts believe this is one of the core reasons that why Kia and Hyundai rejected the deal.
Apple’s electric vehicle is expected to feature self-driving technology and arrive with various in-house electronics.