3 Views
McLaren Refutes Reports of Apple Talks, Possible Takeover
by
Steph Willems
(IC: employee)
Published: September 21st, 2016
Share
British supercar maker and racecar developer McLaren Technology Group has refuted a report claiming it is talks with tech giant Apple ahead of a possible takeover.A McLaren spokesperson has told Street Insider that the earlier report, published in the Financial Times, is incorrect. “We can confirm McLaren is not in discussion with Apple in respect of any potential investment,” the spokesperson told Street Insider.The initial report drew from three sources with alleged knowledge of the company’s actions, which gives it significant credence. FT reporter Tim Bradshaw has tweeted that the publication stands behind its story, despite McLaren’s statement.Those sources told the Financial Times that talks between the two companies have been ongoing, with Apple angling for either a full takeover or a strategic investment. The talks reportedly began “several months” ago.A takeover or partnership between the two companies makes sense, as McLaren is a technology powerhouse. Its in-house designed electronic control units are standard equipment on all Formula One entries, while its hybridization technology and work with carbon fiber construction is cutting edge.Meanwhile, Apple’s shadowy self-driving car program has undergone significant changes in scope, with an emphasis placed on technology development. Apple’s interest in McLaren would be understandable.The sources told FT that McLaren would be worth $1.3 billion to $1.9 billion in the event of a takeover. The company posted a $27 million net profit in 2015, from $617 million in revenue. It also recently pledged to invest $1.3 billion into research and development over the next six years.(Note: this post has been updated to reflect new information)
Steph Willems
More by Steph Willems
Published September 21st, 2016 1:35 PM
Latest Car Reviews
Read moreLatest Product Reviews
Read moreRecent Comments
- Daniel J Our CX-5 has hit its automatic brakes a few times at in very unnecessary situations. My 2018 doesn't have it, but it will shake and throw a warning if it thinks you should brake. Only once was it needed. The dozen or so times it has gone off I was already on the brakes or traffic was in a pattern that just fooled it.
- Kosmo This would become interesting with a turbo and 6MT.
- CanadaCraig 'Afraid' is the wrong word. The question should be, "Do you trust autonomous cars to get you from point A to point B and all points in between safely?" And my answer to that question is 'NO'.
- Daniel J For us it's just woefully underpowered. Put the 2.5T in it then I might consider it.
- Bd2 Such practices are deeply frowned upon by Kia and Hyundai dealerships where consumers sport increasing credit scores and household incomes to boot.
Comments
Join the conversation
This story is so bat-sh_t crazy, with no obvious reasons for either party to consider it, that it might actually be true. I mean, why make this up?
Sponsorship. We get to see the Apple name on the sides of Formula 1 and LeMans cars again.