McLaren Auto Group denies being bought by Audi, says 'wholly inaccurate'

McLaren Automotive denied a report that Volkswagen's Audi had bought the company, but left the door open to technology collaboration "with relevant partners and suppliers".

The British automotive manufacturer has denied being bought by Audi but the company also said that the reports are "wholly inaccurate" but they are open to technology collaboration "with relevant partners and suppliers".

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"McLaren Group is aware of a news media report stating it has been sold to Audi. This is wholly inaccurate and McLaren is seeking to have the story removed," McLaren Group tweeted.

"McLaren’s technology strategy has always involved ongoing discussions and collaboration with relevant partners and suppliers, including other carmakers, however, there has been no change in the ownership structure of the McLaren Group," it further added.

McLaren has been operating under heavy financial pressures despite an injection of the capital late last year following a refinancing worth up to £500 million. McLaren CEO Mike Flewitt stepped down from his role after eight years last month.

"German publication Automobilwoche reported on Sunday that Audi was particularly interested in the Formula 1 division. Like other carmakers, McLaren is battling with the challenge of electrifying its fleet without compromising on performance," Reuters reported.

According to the report, "Its executive director for purchasing told Reuters in February the company was looking to generate revenue by selling some of its new technology to other automakers, including a new in-house produced carbon chassis to reduce the vehicle's weight."