Korean automotive manufacturer Hyundai and Apple Inc are expected to sign a partnership deal on autonomous electric cars by March, reported news agency Reuters on Sunday.

The production of the project will initiate in the United States as early as 2024.

The intimation comes in the heels of Hyundai Motor's Friday statement saying it was in early talks with Apple after media reports suggested that the companies were aiming to launch a self-driving electric car in 2027, elevating Hyundai shares up by nearly 20%.

Reuters further reported citing industry sources that the companies are planning to build the cars at Kia Motors’ factory in Georgia, or jointly invest in a new factory in the United States, with a plan to produce 100,000 vehicles in 2024 at the proposed plant with an annual capacity of 400,000 vehicles. 

Notably, Kia Motors is an affiliate of Hyundai Motors.

While reactions from both the auto giants are awaited, Hyundai and Apple have pondered to release Apple cars in 'beta version' next year.

Meanwhile, Apple is making head way with autonomous car technology in an attempt to produce a passenger vehicle that could include its own breakthrough battery technology as early as 2024, Reuters reported last month.