China’s crude oil imports in…
Oil markets once again doubt…
Google may be trying to lead the way on self-driving cars, but Apple is interested in getting into the self-driving and electric vehicle business, which in and of itself, is old news. While Apple’s aspirations have been no corporate secret, industry insiders have not, until recently, been sure just how the company would go about realizing that plan.
That changed on Wednesday when FT announced that Apple would enter the brave new auto world by purchasing the McLaren technology company, the supercar maker and the company that owns the Formula One team.
FT reports that Apple has been designing a self-driving electric vehicle for the last two years, and has been mulling the takeover of McLaren, or in lieu of that, a strategic investment. Apple has not commented on the alleged deal, which was revealed by anonymous sources.
It is noteworthy that McLaren specializes in a number of areas and technologies that would boost Apple’s efforts to a get a new vehicle on the road. McLaren’s areas of expertise and innovation include engineering, on-board computer systems, and work with carbon fiber and aluminum for chassis. In addition to owning the Formula One team, McLaren produces luxury sports cars, and in 2015, McLaren produced 1,654 vehicles and generated around US$583.61 million in revenue.
According to FT, McLaren would be valued somewhere in the neighborhood of 1.30 and 1.95 billion USD. In 2014, the company reported revenues of just over $343 million and pre-tax losses of just over $28 million.
Since that same year, Apple has been making moves toward the auto market. It has brought in engineers and designers from companies such as Tesla and Mercedes-Benz. Bob Mansfield is helming the project following the departure of Steve Zadesky. Mansfield is expected to focus on research and development efforts for self-driving cars, rather than electric cars.
Lincoln Brown for Oilprice.com
More Top Reads From Oilprice.com:
Lincoln Brown is the former News and Program Director for KVEL radio in Vernal, Utah. He hosted “The Lincoln Brown Show” and was penned a…