Apple is considering a buyout of British supercar maker McLaren, according to a report.
The iPhone maker, which recently shelved plans to develop its own self driving electric car, is considering a takeover of the company and its Formula One team, according to a report in the Financial Times.
The FT cites three sources close to the negotiations, who claim that Apple could pay up to $2 billion for the loss making automotive group.
If the acquisition of McLaren was to go ahead, it would be Apple’s biggest takeover since it paid $3 billion to purchase Beats Electronics in 2014.
However, sources also claimed that a deal is far from being agreed, with a proposal for Apple to make a strategic investment in McLaren also on the table.
Apple’s interest in McLaren allegedly centres around the group’s technology, automotive engineering capabilities and portfolio of patents.
As well as automotive engineering, McLaren also has expertise in on board computer systems and developing innovative chassis materials from aluminium and carbon fibre.
The alleged interest in McLaren has fueled rumours the Cupertino tech giant is eager to develop its own vehicle.
However, only last week, the New York Times reported that Apple has ditched plans to build an electric self driving car.
Apple’s self driving car project, codenamed Project Titan, has been all but closed, with dozens of its staff moved to other divisions on within Apple, claimed the report.
Apple of course already makes CarPlay, onboard software that works with Apple’s digital assistant Siri that lets drivers check emails, make calls and choose music from behind the wheel.
A number of the world’s leading car makers such as Mercedes, Ferrari, Ford, Volvo, Kia and Nissan have already started using CarPlay in some of their vehicles.