Apple is getting serious about its automotive ambitions: The company is in talks to acquire British luxury car maker McLaren Technology, according to a report by the Financial Times. Also reportedly on the table is a significant investment in McLaren.
Apple has been secretly working on electric and autonomous vehicles for some time. McLaren could help make those plans a reality by adding know-how about actually building cars to Apple’s technology chops. And the company would lend Apple some high-end branding: In addition to making luxury cars, McLaren is also known for its Formula 1 team.
The acquisition would also be comparably cheap, at least for the automotive space: McLaren is valued between £ 1 billion and £1.5 billion ($1.3 billion to $1.95 billion), according to the Financial Times. Still, the paper is reporting that a deal is not certain.
Apple’s biggest acquisition to date has been the $3 billion purchase of Beats Electronics in 2014. The company has since invested significant amounts in the automotive space, most recently by spending $1 billion for a stake in Chinese Uber competitor Didi Chuxing.
Update: 11:08am: This post was updated with a denial from McLaren.