Luxury carmaker McLaren Technology Group denied a report Wednesday that Apple Inc. (NASDAQ: AAPL) is seeking to take a strategic stake in the company.
“I can confirm that McLaren is not in discussion with Apple about any potential investment,” McLaren Chief Executive Officer Michael Flewitt said in a text. Apple declined to comment.
The Financial Times earlier reported that Apple had approached McLaren in talk about a potential acquisition or a strategic investment.
Apple is believed to had been developing electric cars with self-driving capabilities for years.In a call with analysts earlier this year, Chief Executive Officer Tim Cook suggested Apple would do more acquisitions and strategic investments. Apple had $232 billion in cash at the end of June, about $215 billion of that is kept outside of the U.S., Cook told investors in July.
Some analysts think that McLaren is not good fit for Apple. The U.K.-based carmaker’s sports cars start at almost $200,000 and the company is famous for its super fast cars. The company only produces a few thousand cars a year and it sold only about 1,600 vehicles last year. It will not meet Apple’s mass-manufacturing goal.
“They wouldn’t gain manufacturing scale or much know-how about mass-produced cars,” Dominic O’Brien, a London-based analyst at Exane BNP Paribas said. “McLaren isn’t known for electric cars or its autonomous driving capability.”