Apple planning to buy sportscar maker McLaren for self-driving car project
Apple has started negotiations with McLaren to seal the deal, as part of its 'project Titan' self driving car project
Tech giant Apple is eyeing to buy McLaren Technology Group, a British firm automobile maker. It is rumoured that Apple has started negotiations with McLaren to seal the deal, reported Financial Times.
Apple is also looking at investment in the form as a strategic idea, sources added. As per FT's sources, an acquisition is not completely ruled out.
— The Tech Portal (@techportalntw) September 21, 2016
The value of the McLaren Technology is estimated to be something between £1 billion ($1.3 billion) and £1.5 billion, the sources said. The British form manufactures supercars, also has a British Formula 1 racing team.
F1 blogger Joe Saward predicted such a deal, and said Apple is planning to go for the deal. F1 eventually went to Liberty Media for $8.5 billion.
Apple has a dream car manufacturing wing named "Project Titan", though it never acknowledged about it.
"Project Titan" is a self-driving car, said experts.
Details on #ProjectTitan have always been sketchy and now #Apple might rethink their whole strategy. #selfdriving https://t.co/2qw7c1pMdf
— Brant DeBow (@bdebow) September 12, 2016
Apple is currently focusing on self-driving car software rather than manufacturing its car, according to reports.
But Apple's core areas are design, supply chain management, and production processes. It suggests if it comes with a car, the design and, hardware and software, would be its own similar to it had done to iPhone.
Apple's take over of McLaren will help it a helping hand in racing technology, as well as a team of good automotive-focused engineers. McLaren has many valuable patents, mainly for high-tech materials like carbon fiber and aluminum. It also conducts many research and studies in McLaren Applied Technologies group.