Following rumors of a buyout or investment deal, Formula 1 team owner McLaren has trashed reports of a deal with Apple Inc.
Formula 1 Maker McLaren Denies Reports Of Apple Buyout
A report by the Financial Times had indicated that talks between Apple and McLaren had begun a couple of months ago.
In a statement, a McLaren spokesperson said, “We can confirm that our company is not holding any talks with Apple regarding any possible investment.”
He added though, that the firm regularly holds private conversations with different parties.
In the Financial Times report, it was rumored that a potential deal between the supercar maker and the California technology giant would see McLaren acquired for up to $1.5bn or invest to acquire shares in the sports car company.
Citing sources that had insider knowledge of the negotiations the report said that Apple was keen on fast tracking its car projects.According to Theo Leggett of the BBC, there are several reasons why Apple would be interested in the Formula 1 team or in supercars manufactured by McLaren.
He said it was likely that Apple is much more interested in McLaren Applied Technologies, a sister company to McLaren Automotive and Formula 1.
Part of McLaren Applied Technologies is involved in data analytics. They use their technology to model any possible scenario that may occur during Formula 1 races, enabling the team to continually adapt its strategy.
McLaren Applied Technologies also use their expertise in other areas such as the possible flow of traffic in a city
The company also produces advanced alloys and carbon composites used in the automotive industry. It is a leading developer of simulators that can model and predict the behavior of a vehicle.
It is no secret that Apple is in the process of developing a car and the company is pushing the frontiers to establish itself as a leader in the driverless vehicles market.
Earlier this year, Apple invested $1bn into Didi Chuxing, a Chinese ride-hailing app. The technology giant is also testing driverless electric cars.
Jim Holder of Haymarket Automotive said that if Apple is looking for an established and reputed prototyping partner, McLaren was a good option.