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Apple has approached McLaren Technology Group, the company behind the McLaren Formula One racing team and some of the most expensive road cars in the world, about a potential acquisition, the Financial Times reports.
McLaren is not profitable, but the report points out that the British company’s expertise in novel automotive materials, such as carbon-fiber and aluminum could provide the impetus Apple is looking for as it aims to develop a standout car.
There have been reports that Apple is working a self-driving car or an electric car. It reportedly hired a number of automotive designers and engineers over the last year, and has a facility away from its Cupertino, California headquarters where it has beenloudly testing its car technology.
McLaren and Apple are yet to comment on the reported deal.
Recently, Apple invested $1 billion into Didi Chuxing, a Chinese ride-hailing company, as it looks to cut into its massive pile of cash that it can’t repatriate to the US without incurring heavy taxes.