Apple [NSDQ:AAPL] has approached McLaren Technology Group over a potential sale of part or all of the company, the Financial Times reported on Wednesday. The talks are said to have been in progress for several months.
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Apple, which has been working on a self-driving electric auto for more than two years, is considering a full takeover of McLaren or a strategic investment, the FT reported, citing three unnamed people briefed on the negotiations who said talks started several months ago.
The Woking-based company counts the McLaren Formula One team and McLaren Automotive, the high-performance road vehicle manufacturer as subsidiaries, but also an applied technology division. A significant tie-up between Apple and McLaren would see the former gain access to McLaren’s extensive research into the future of the automotive industry, including work on advanced materials and on-board computer systems. A McLaren deal would probably be on the same order of magnitude, with the loss-making company reportedly valued around $2 billion.
Apple’s auto is rumored to be 100% electric.
The report notes that Apple is in talks about a full takeover as well as a smaller-scale strategic investment. However, the group running Project Titan (the codename for Apple’s electric vehicle group) has gone through several shakeups in leadership and it seems the project is already seeing delays.
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Most recently, the Wall Street Journal said that ex-retired Apple exec Bob Mansfield is now heading the project, after the departure of Steve Zadesky.
