Apple talks acquisition with McLaren Technology Group

Time 4:38 pm, September 21, 2016

APPLE has been in talks with McLaren Technology Group about a possible acquisition, according to the Financial Times.

Just a week since Apple lost dozens of staff from its electric car project and the rumour mill went spinning with news that it was abandoning its electric car project, the is now reporting that the technology giant is pursuing McLaren.

According to the FT’s sources, McLaren has been valued between £1bn and £1.5bn, which would make it Apple’s most expensive acquisition since it purchased Beats Electronics in 2014 for $3bn (approximately £2.3bn).

The collaboration between the two companies and injection of funds into McLaren could kick-start the tech giant’s plans for an autonomous electric car.

McLaren, who is best known for building supercars and owns the previously championship winning Formula 1 team, produces 1,654 cars last year and generated around £450m revenue. However, the company reported pre-tax losses of £22.6m in 2014.

Apple has form of recruiting the brightest in the automotive industry, including staff acquisitions from Tesla and Mercedes-Benz, to work on its automotive projects. As far as we know so far they haven’t bought any automotive businesses, but their previous pickings from the industry makes it not implausible.

It has been reported previously that Apple shareholders wanted the business to acquire Tesla, but chief executive Tim Cook navigated away from their questions at last year’s annual meeting.

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Rebecca Chaplin's avatar

Rebecca has been a motoring and business journalist since 2014, previously writing and presenting for titles such as the Press Association, Auto Express and Car Buyer. She has worked in many roles for Car Dealer Magazine’s publisher Blackball Media including head of editorial.

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