McLaren Responds to Apple Rumor

McLaren Technology Group, now owned by chairman Ron Dennis, Mansour Ojjeh and Mumtalakat, Bahrain’s sovereign wealth fund, comprises McLaren Automotive which makes a range of sports and supercars, the McLaren Formula One team and McLaren Applied Technologies, which works on projects in fields as diverse as racing auto computers and air traffic control systems. “We can confirm that McLaren is not in discussion with Apple in respect of any potential investment”, is all that McLaren is saying on this matter right now. The British carmaker may be best known for its very high-end luxury supercars and its Formula One team, though it also has made forays into wearable technology, health care and electronics.

Earlier this year, the firm invested bn in Chinese ride-hailing company Didi Chuxing.

Asked about the report, a spokesman for Apple has told journalists that the Cupertino juggernaut does not comment on rumors or speculation. That would make the Apple Car far more expensive than we originally thought – but that is the Apple thing to do, right?

Throughout 2015, there were several reports that Apple was in the process of developing its own autonomous electric vehicle, codenamed Project Titan. The FT says an acquisition would be valued around a $1.5 billion dollars; McLaren now records yearly losses.

These talks with McLaren could be part of Apple’s plan to get the operation’s momentum going again.

Meanwhile, the news follows recent rumors that Apple’s vehicle project had hit a roadblock.

Second, if you look at the history of McLaren and Ron Dennis, the CEO of the Technology Group, it begins to make more sense. The FT says talks started several months ago, according to three people briefed on the negotiations, and could involve either a full takeover or strategic investment.

Had the deal been a reality, it would have been be one of Apple’s largest forays into the automotive industry, which has seen steadily increasing investment from tech companies like Uber, Google and Lyft. Apple can provide a serious financial boost for McLaren and McLaren can provide Apple with the technology and know-how to build an autonomous auto.