Supercar manufacturer McLaren has denied claims that it is currently engaging in investment talks with Apple Inc. (NASDAQ:AAPL).

Earlier this week, there were claims that the iPhone maker had approached Mclaren with a business investment proposal. A report from the Financial Times claimed that three anonymous sources claim that the company had approached the vehicle manufacturer with a strategic investment proposal or a potential acquisition proposal. A McLaren spokesman told the press that no such discussion has taken place.

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

The spokesman also stated that the McLaren brand usually holds different confidential talks with many different parties and those talks are mostly on a confidential basis. The report from the Financial Times stated that the McLaren group is valued between £1 billion pounds and £1.5 billion. Apple is yet to make a statement on the matter. However, it raises a lot of questions as to what Apple has been planning. There were earlier rumors that the company has been working on its own autonomous vehicle.

There has also been a lot of talk on the matter since the financial Times article was published. Most of that talk is speculation as to why Apple would be consulting McLaren. Some analysts such as Jasper Lawler of CMC Markets claim that a deal between the two firms could provide Apple with advanced automotive technology.

“As a high-end technology company, Apple appears to want to be at the high, cutting-edge end of the car industry too.”

Speculation suggests that Apple might be working on bringing something completely different from its usual norm. The company has employed more than 12 automotive experts over the past twelve months.

Apple Stock closed the recent trading session at $113.55 down by $0.02 or 0.02% compared to the value of the stock in the previous close. The trading volume of the stock was 3 million shares.