McLaren, the popular manufacturer of supercars, has denied rumors of any acquisition with the Cupertino-based tech giant Apple. There were reports that the iPhone maker was on the verge of preparing a billion-pound bid for the British supercar manufacturer. However, the company sources revealed that no discussions are going on at the moment over either a sale or investment from Apple.

Previously, the iPhone manufacturer was considering acquiring McLaren for about 1 billion pounds. According to industry analysts, if the McLaren is acquired then it will accelerate Apple’s automotive project. Commenting on the development, McLaren spokesperson disclosed that the company could confirm that they are not in discussion with Apple in respect of any potential future investment.

Recent acquisitions by Apple

Apple did not have a long history of big acquisitions. Recently, the Cupertino-based company acquired audio group Beats Electronics for $3 billion. Moreover, Apple also invested $1 billion in the Chinese ride-hailing company Didi Chuxing.

Apple electric car likely in 2020

In 2015, there was a rumor that the iPhone manufacturer might launch their electric car in 2020. According to a recently released report, Apple wants to start production of its electric car by 2020. The company has already recruited 200 people and is gearing up to hire experts in the field of robotics and battery technologies.

Apple CEO declined to comment on electric car

In a recent interview with Fortune’s Adam Lashinsky, Apple CEO Tim Cook revealed that hiring people from the automotive industry doesn’t confirm that the company is working on Apple Car. However, he declined to reveal whether his company is working on an electric car project.

McLaren manufactures luxury supercars with advanced technology unit that has an ability to develop cutting-edge electronics. There were rumors on the web that Apple is aggressively investing and working on an electric car for over several years. It was in 2015 Tim Cook agreed to the project.

The vehicle likely to be manufactured by Apple will look more or less like Tesla. It will not look like the self-driving cars of Google’s autonomous cars. There are few unconfirmed reports that Apple may be interested in buying US-based electric car manufacturer Tesla.