UPDATED: 2:00 p.m. In a statement to Jalopnik, McLaren denied any talks with Apple. 

“We can confirm that McLaren is not in discussion with Apple in respect of any potential investment,” the statement said. 

Original Story:

Apple appears to be gearing up to compete globally in the automotive business.

The tech giant is reportedly in talks to acquire British ultra-luxury automaker McLaren. According to the Financial Times, Apple "is considering a full takeover of McLaren or a strategic investment."

The deal could be valued at up to $1.9 billion, the newspaper said, citing three anonymous sources. Neither party has commented on the rumor.

2017 McLaren 570GT 2017 McLaren 570GT Photo: Eric Gonon / International Business Times

Apple reportedly is interested in McLaren’s engineering talent, technology and patents, Engadget reported. The car company is known for its high-end products, with an “entry-level” vehicle starting at more than $200,000, and its Formula One racing team.

It’s no secret that Apple has been trying to get into the car business, but recent reports indicated the company might be rethinking its strategy. Since 2015, it’s been rumored that Apple is working on developing a vehicle of its own through its Project Titan program, but earlier this month, the New York Times reported that the company laid off dozens of employees working on the project. This wasn’t long after Apple veteran Bob Mansfield was brought in to take over the effort in July.

Apple isn’t the only major tech company experimenting in the automotive space. Google’s parent company, Alphabet, is working on a self-driving car that’s been in the works for years.