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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.

McLaren subsequently denied the acquisition report, calling it “completely untrue.”However, reporters from both the Financial Times and the New York Times said that they stand by their stories.

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.

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