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| Supercar maker McLaren denies Apple investment report | Supercar maker McLaren denies Apple investment report |
| (35 minutes later) | |
| Formula 1 team owner McLaren has dampened down a report that Apple has made a buyout or investment approach for the supercar maker. | |
| The Financial Times reported that talks had started several months ago. | The Financial Times reported that talks had started several months ago. |
| But a McLaren spokesman said: "We can confirm that McLaren is not in discussion with Apple in respect of any potential investment." | But a McLaren spokesman said: "We can confirm that McLaren is not in discussion with Apple in respect of any potential investment." |
| However, the firm "regularly" has "confidential conversations with a wide range of parties", he added. | However, the firm "regularly" has "confidential conversations with a wide range of parties", he added. |
| The Financial Times reported that a potential deal would see Apple pay up to £1.5bn for McLaren, or make an investment for part of it, citing sources it said had been briefed on negotiations. | The Financial Times reported that a potential deal would see Apple pay up to £1.5bn for McLaren, or make an investment for part of it, citing sources it said had been briefed on negotiations. |
| It said that Apple was interested in accelerating its own car projects. | It said that Apple was interested in accelerating its own car projects. |
| The BBC understands that McLaren had been in talks with Apple over its rumoured Apple car, but those talks had not come to fruition. | The BBC understands that McLaren had been in talks with Apple over its rumoured Apple car, but those talks had not come to fruition. |
| Analysis: Theo Leggett, BBC business reporter | Analysis: Theo Leggett, BBC business reporter |
| Why would Apple be interested in McLaren? It's hard to see why the technology giant would want control of a Formula 1 team, or what interest it might have in the supercars built by McLaren Automotive. A more likely target is McLaren Applied Technologies, a sister business to the other two. | |
| Part of what it does is data analytics. During Formula 1 races, McLaren uses computers to model pretty much any scenario that might occur, so that the team can adapt its strategy on a continuous basis. This kind of modelling can be used in other scenarios too - for example to predict how traffic will flow through a typical city centre, and how problems in one area might have knock-on effects miles away. | |
| It also develops advanced materials - lightweight carbon composites and complex alloys, which are used by the automotive business. And it's recognised as a leader in the development of simulators, which can model and predict vehicle behaviour. | It also develops advanced materials - lightweight carbon composites and complex alloys, which are used by the automotive business. And it's recognised as a leader in the development of simulators, which can model and predict vehicle behaviour. |
| It's an open secret in Silicon Valley that Apple is developing a car; it's widely believed the company has ambitions to become a leader in the market for driverless vehicles. | It's an open secret in Silicon Valley that Apple is developing a car; it's widely believed the company has ambitions to become a leader in the market for driverless vehicles. |
| Advanced materials, predictive analystics and expertise in simulating vehicle behaviour... you can start to see why the Californian giant might be interested in a relatively small business based in Woking. | Advanced materials, predictive analystics and expertise in simulating vehicle behaviour... you can start to see why the Californian giant might be interested in a relatively small business based in Woking. |
| Apple ploughed $1bn (£770m) into Chinese ride-hailing app Didi Chuxing earlier this year and is testing driverless electric cars. | Apple ploughed $1bn (£770m) into Chinese ride-hailing app Didi Chuxing earlier this year and is testing driverless electric cars. |
| Woking-based McLaren, which is loss-making, specialises in engineering. | Woking-based McLaren, which is loss-making, specialises in engineering. |
| Jim Holder, editorial director at Haymarket Automotive, said that Apple updates its products every year, whereas carmakers only do it every five to seven years. | Jim Holder, editorial director at Haymarket Automotive, said that Apple updates its products every year, whereas carmakers only do it every five to seven years. |
| However, McLaren's Formula 1 arm is flexible, prototyping and delivering upgrades every two weeks, so it can respond to the sort of timescales Apple is used to. | However, McLaren's Formula 1 arm is flexible, prototyping and delivering upgrades every two weeks, so it can respond to the sort of timescales Apple is used to. |
| If Apple wants a prototyping arm with established credentials - McLaren is a great fit. | If Apple wants a prototyping arm with established credentials - McLaren is a great fit. |
| Mr Holder added Tesla has disrupted the car industry, but Apple buying McLaren would be much bigger. | Mr Holder added Tesla has disrupted the car industry, but Apple buying McLaren would be much bigger. |