Hyundai could manufacture the new Apple car on behalf of the tech giant, according to reports out of South Korea.
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The much-rumoured Apple car may end up being manufactured by Hyundai.

According to news outlet Reuters, local newspaper Korean IT News reported on Sunday plans to sign an agreement by March 2021 between the two corporations.

It's expected Hyundai will manufacture the Apple car in the US on behalf of the tech giant, with production to commence in 2024.

Apple's production vehicle will likely be all-electric, and will feature some level of semi-autonomous technology to rival Tesla.

An earlier version of the report stated the Apple car – nicknamed 'Project Titan' – would be manufactured either at Hyundai's plant in the state of Georgia, or potentially at a brand-new, co-owned facility yet to be built.

Initial production output was indicated to be 100,000 vehicles in 2024, eventually reaching 400,000 per year.

Hyundai shares soared by 20 per cent late last week following confirmation the two organisations were in talks.

Business outlet CNBC obtained a statement from Hyundai, which read: "We understand that Apple is in discussion with a variety of global automakers, including Hyundai Motor. As the discussion is at its early stage, nothing has been decided."

A number of rumours surrounding the Apple car have emerged in recent weeks, with Bloomberg reporting a handful of former Tesla executives have joined the project.

Company veteran Doug Field returned to the company in 2018 to head Project Titan for Apple, after a stint working at Tesla.