Apple has reportedly communicated with British automotive manufacturer McLaren about possibly making a strategic investment with the company. Additionally, Apple is apparently considering having a full takeover of McLaren as another option. The move is suggested to further the development of Apple's rumored self-driving electric car project codenamed Project Titan.
McLaren Technology Group, a supercar maker and owner of British Formula One team known to be successful in the field of racing and high-performance sports cars business could possibly accelerate Apple's Project Titan through its technology. However, Apple has not confirmed the details of the deal yet. Moreover, people who were briefed on the said negotiation advised that it was unclear if Apple will continue the talks with McLaren following a recent change to Apple's car strategy.
Apple's potential deal with McLaren is suggested to be the biggest buyout of the iPhone company since its acquisition of Beats Electronics for $3 billion, Financial Times reported. The report also revealed that Apple may pay from £1 billion up to £1.5 billion to McLaren for the deal.
Meanwhile, BBC reported that McLaren denied investment talks with Apple. "We can confirm that McLaren is not in discussion with Apple in respect of any potential investment," a McLaren spokesman said. He also revealed that the firm holds confidential conversations with a wide range of parties regularly. However, he did not confirm whether McLaren has been approached by Apple regarding the said negotiation.
Apple's Project Titan is expected to be the "ultimate mobile device" according to the company's senior vice-president Jeff Williams. Apple has been exploring different markets in order to create a huge difference into its own self-driving electric cars according to Williams. Apple chief executive Tim Cook, on the other hand, has reportedly held meetings with automotive executives and experts since last year, including engineers from Mercedes-Benz, Tesla Motors and Silicon Valley for their Project Titan.
