Technology giant Apple in in talks to takeover car maker according to a report in The Financial Times. The report says that Apple has approached the McLaren Technology Group, which encompasses the McLaren Formula 1 team, McLaren Automotive and McLaren Applied Technology.
The report further says that negotiations have begun for the deal and could result in a full takeover or a strategic investment.
Apple has been working on self drive electric cars for a few years now, and there was recent speculation that the company company could enter the industry in partnership with a current car manufacturer rather than going solo.
The Financial Times suggested that McLaren Technology Group could be valued at between £1 billion and £1.5 billion – with McLaren Automotive having generated revenues of £450 million last year.
With the Mclaren takeover, Apple could be looking transforming the auto industry in the same way like it did for the smartphone market.
McLaren has however, to denied suggestions that Apple is poised to take a stake in the team. A spokesman made it clear that any talks it is having did not involve a plan for investment.
“We can confirm that McLaren is not in discussion with Apple in respect of any potential investment,” he said. “As you would expect, the nature of our brand means we regularly have confidential conversations with a wide range of parties, but we keep them confidential.”
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