BUSINESS

Apple Is Reportedly In Talks To Buy British Racing Carmaker McLaren

This could be the latest sign Apple is getting into the car business.

(Reuters) - Apple Inc has approached British Formula One team owner McLaren Technology Group for a strategic investment or a potential buyout, the Financial Times reported, citing sources.

The loss-making automotive group could be valued at between 1 billion pounds ($1.30 billion) and 1.5 billion pounds, the newspaper reported. (http://on.ft.com/2cUU1ax)

A deal with McLaren, which also produces high performance sports cars, could give Apple key automotive technology amid reports that the iPhone maker is working on a self-driving car.

Apple has hired dozens of automotive experts over the past year and is exploring making charging stations for electric cars.

Apple also invested $1 billion in Chinese ride-hailing service Didi Chuxing earlier this year.

Apple and McLaren could not be immediately reached for comment.

 

(Reporting by Supantha Mukherjee in Bengaluru; Editing by Saumyadeb Chakrabarty)

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