New Delhi: Apple Inc has approached British Formula One team owner McLaren Technology Group for a strategic investment or a potential buyout, the Financial Times reported, citing sources.


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The loss-making automotive group could be valued at between 1 billion pounds ($1.30 billion) and 1.5 billion pounds, the newspaper reported. (http://on.ft.com/2cUU1ax)


A deal with McLaren, which also produces high performance sports cars, could give Apple key automotive technology amid reports that the iPhone maker is working on a self-driving car.


Apple has hired dozens of automotive experts over the past year and is exploring making charging stations for electric cars.


Apple also invested $1 billion in Chinese ride-hailing service Didi Chuxing earlier this year.


Apple and McLaren could not be immediately reached for comment.


($1 = 0.7714 pounds)