McLaren, the UK company that builds supercars and participates in F1 racing, has denied a Financial Times report saying it is in talks with Apple about a takeover or a strategic investment.
"McLaren is not in discussion with Apple in respect of any potential investment," a company spokesman told Automotive News Europe in an email.
The FT reported on Wednesday that Apple approached McLaren about a potential acquisition or a strategic investment, citing three unnamed people briefed on the negotiations who said talks started several months ago.
Apple is more likely to make a large investment than an outright acquisition, a person familiar with the situation told Bloomberg.
When asked whether McLaren has been approached by Apple, the company spokesman said: "In our business we have confidential talks with many companies and they must remain so."
Apple, which has been working on a self-driving electric car for more than two years, is interested in McLaren for its technology, engineering prowess and patent portfolio, the FT said, citing people briefed on the talks.
McLaren was likely to be valued at between 1 billion pounds and 1.5 billion pounds ($1.3 billion and $1.95 billion), the newspaper said.
That would make it Apple's biggest acquisition since the $3 billion purchase of Beats Electronics, the audio group founded by Dr Dre and Jimmy Iovine, in 2014.
A spokesman for Apple didn't immediately respond to a request for comment.
Bloomberg News contributed to this report