REPORT: Apple in talks to buy McLaren Technology Group

Apple is in talks with McLaren Technology Group about buying a stake or even full acquisition of the British company, according to the UK's Financial Times. The report claims a full acquisition would cost between £1 billion to £1.5b [$1.3b-$2b].

Although McLaren is best known for its Formula 1 team (McLaren Racing), the Group also includes McLaren Automotive, which builds the road-going McLaren supercars (pictured, image courtesy of McLaren Autmotive) and McLaren Applied Technologies which, the company states, "harnesses the significant R&D, technical expertise and innovative spirit that has kept McLaren at the pinnacle of elite motorsport for five decades. It then applies this intellect and approach to improve the performance and product innovation of blue chip companies in other industries, addressing problems that other, often far larger companies, cannot overcome alone."

According to the FT report, McLaren lost £22.6 million [$29.6m] on revenue of £265 million [$344m] in 2014, which it says are the most recent figures that are publicly available. Association with Apple would obviously bring significant capital, but also potentially momemntous synergies for McLaren as well.

Rumors of Apple's plans to develop an electric and/or self-driving car of its own have circulated for years, although the company has never confirmed such plans. The McLaren Technology Group's significant resources, advanced manufacturing and electronics expertise could provide a huge boost to the development of such vehicles, if Apple were to decide to produce them.

Click here to read the full report from the Financial Times.