According to a recent article in Financial Times, the possibility of Apple’s takeover of McLaren Technology Group may not be a rumour. If Apple buys McLaren, the potential deal would be worth around £1.5 billion.
Speculation has been rife regarding Apple’s Project Titan – an Apple car which will probably come equipped with the kind of technological updates only Apple seems to come up with. Apple buys McLaren deal may be a bid to get a foothold into the automobile industry at the hi-tech end.
While both companies have refused to issue any statement regarding Apple’s takeover of McLaren, the vast portfolio of the McLaren Technology Group may be just what is required to go ahead with Project Titan. The group includes the McLaren Formula One racing team and is a shareholder in McLaren Automotive. As a private company, the financial information is restricted, but the pre-tax losses of $29.3 were reported in 2013 – adding further substance to the rumours of a takeover.
Apple has apparently undertaken heavy recruitment for Project Titan from the automotive industry. Furthermore, they also requested access to GoMentum – a secure and dedicated facility for the development of autonomous cars.
According to the Financial Times, Apple’s interest in McLaren is based on the firm’s intellectual capital – more specifically its engineering expertise and patents. However, it could be that Apple has realigned its strategy for Project Titan and ditched the idea of creating an autonomous car of its own. Instead, the company may just want to dominate the technology used in autonomous vehicles.
Apple’s supposed interest in the McLaren Technology Group is not its first foray into the automobile industry. The company already has investments in China’s Didi Chuxing Technology (a ride-sharing company).