McLaren denies Apple looking to invest

McLaren denies Apple looking to invest

mclaren logoMedia speculation that Apple is in talks with McLaren to buy it have been denied by the high-performance car company.

“We can confirm that McLaren is not in discussion with Apple in respect of any potential investment,” said McLaren spokesperson JP Canton.

McLaren Technology Group – which includes McLaren Automotive, McLaren Racing and McLaren Applied Technologies – has been battling financially and in 2015 it took on a diversification strategy into wearable technology, health care and electronics when it produced just over 1,600 cars a year.

mclarenSo it’s easy to see why Apple and its focus on technology could be good for McLaren.

The two firms have allegedly been talking for several months about plans to have Apple make a strategic investment in the McLaren Technology Group or buy it outright according to the Financial Times.

Apple’s never officially confirmed car project – Project Titan – has been hinted at for years according to the Washington Post. However, anticipation that the tech giant would make its own car receded earlier this year after the company hired a high-ranking executive from Blackberry’s QNX car software company. This appeared to indicate that Apple was focusing more on designing car software and that it might work with or buy a car manufacturer.mclaren 2

As to Apple buying Tesla, its chief executive Elon Musk has stated it is unlikely to happen. In addition, according to a German newspaper, Musk refers to Apple as “Tesla graveyard” because it recruits Tesla’s former engineers.

Apple’s initiative is now prioritising the development of an autonomous driving system, though it’s not abandoning efforts to design its own vehicle according to the Washington Post.

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