Apple is seeking to transform the automotive industry

Apple has approached McLaren Technology Group, the British supercar engineer and Formula One team owner, about a potential acquisition, in the clearest sign yet that the iPhone maker is seeking to transform the automotive industry. The California technology group, which has been working on a self-driving electric vehicle for more than two years, is considering a full takeover of McLaren or a strategic investment, according to three people briefed on the negotiations… A tie-up with McLaren, whose expertise ranges from automotive engineering and on-board computer systems to novel chassis materials such as carbon fibre and aluminium, could push forward Apple’s secretive automotive project… The lossmaking automotive group was likely to be valued at between £1 billion and £1.5 billion, the people said… That would make it Apple’s biggest acquisition since the $3 billion purchase of Beats Electronics, the audio group founded by Dr Dre and Jimmy Iovine, in 2014.

 

Matthew Garrahan and Tim Bradshaw

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