The South Korean portal DongA.com has exposed the details of the agreement between the American corporation Apple and one of the largest automakers Kia. The publication states that Apple will invest about $3.6 billion in the joint project.

The joint enterprise should reach an operating capacity of 100,000 electric vehicles by 2024, with the potential to enhance the capability to 400,000 vehicles per year. Production will be located at Kia plants in the US state of Georgia. The publication argues that the final version of the deal will be signed on February 17.

The companies refused to comment on the details of the agreement. Against the backdrop of this information, Kia’s shares soared more than 14 percent and broke the 1997 record, exceeding 102 thousand won (about $9.14). The shares of companies, which are belonging to the Hyundai holding, also showed increase.