Apple has previously been rumoured to be developing an autonomous electric vehicle, codenamed Project Titan. While the autonomous EV project has been an open secret – albeit still a closely guarded one – Apple’s concerted venture into motoring doesn’t stop there. It appears that in Formula 1’s search for a buyer, Apple is the latest party to put in a bid, according to a report by notable F1 writer Joe Saward.
A rumoured £6 billion (RM31.6 billion) price tag might not be the greatest of obstacles to an Apple buyout, even if the tech giant historically hasn’t been a habitual spender on big ticket items, but smaller companies instead. The oft-rumoured Project Titan, however, would be given a huge boost if Apple does eventually complete a buyout of F1, as that would give Apple considerable influence in the FIA, as the owner of the premier open-wheeled racing series.
“Apple is on the verge of launching into the world’s automotive markets, with an electric car that remains a secret, although it is hard to hide such a project when you hire more than a thousand engineers to work on it. The Apple Car is expected to appear by 2020. Thus, there are three elements that would make the purchase of F1 a logical step of Apple. It can afford it, it can boost sales of Apple TVs and get people thinking about Apple in relation to cars,” writes Saward.
On the first point, Apple appears to be able to afford to do so, should it want to; it has USD161 billion (RM639 billion) in net cash, despite having already spent USD117 billion on share repurchases and USD46 billion on dividends in recent years, therefore a 6 billion pound sterling (RM31.6 billion) would appear manageable.
Secondly, Apple TV stands to gain exclusivity and consequently revenue if the buyout materialises and Apple demands exclusivity like Formula One Management has, and thirdly the connection to the premier racing series should cement the Apple-automotive connection in the minds of the public.
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i’d doubt if they would buy it outright
Apple should buy Proton up. After all our Ministers said Proton is BETTER than Volvo and BMW.
So, if Apple is clever and buy Proton up, they will be buying 2 companies (Volvo and BMW) up in a single transaction.
Apple Maps shud send u to ‘holland’
So F1 will be Formula Apple. Driverless. No need driver anymore.
electric car from Apple? Hope it has a long lasting battery and life span. If you know what I’m saying (iPhone user)
But Apple Maps will bring car go to ‘holland’
You mean like the one in Proton?
No. Like the one in ipong
update over WiFi…huhuhu
We should have spend my1MDB money to purchase this Formula 1. Should still have balance to jalan makan makan angin for few billion.
Tony Fernandes tried and failed miserably, including losing his Team Lotus name. At least Richard Bransons Virgin-> Marussia-> Manor is still around.
Name is Apple, but product all made in China….
iF1.. aww that sounds awful
Tony Ross: Nico, Lewis is using IP6. U using IP5. Do u understand this msg? He is with lightning cable!
Nico: #%€$\|#%^#
Tony Ross: ……….
Lewis: Yahooooooo….
Nico: I wanna upgrade IP7!!!
The arabs will win the purchase , I guarantee it
Would people line up overnight outside of Apple shops just to be the ‘early adopters’ of the iCar? Should be interesting to see.
It make more logical sense if they buy Formula E instead. Popularity is growing and by next year we can expect tech breakthrough from the franchise.
Najib no asking for another donation from Apple since net cash reserve is rm639bil? just a 1% is enough… I also sense his donation of rm2.6bil is almost used up by his big whale wife to buy Hermes bag and cincin diamonds
need to login to itunes to watch F1 or to drive the cars for the drivers!
The idea of selling Formula One to one of the the tech companies came to be after Alex Hint had published the book, ‘Will Google Buy Formula 1?’ http://www.amazon.com/dp/B00JKGR3ZA
Hint also got in touch with Bernie’s assistant and all of the team leaders. You can read some of the related articles at Paddock Magazine http://www.thepaddockmagazine.com/?s=alex+hint