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McLaren is hoping for a turnaround after facing significant challenges in recent years. The manufacturer of iconic vehicles like the F1 and P1 hypercars reported revenue losses exceeding $1 billion in 2023, largely due to disappointing sales. The company also struggled with leadership issues during the COVID-19 pandemic, as it was without a CEO during this critical period. However, with new ownership and management, McLaren aims for a successful return to profitability, and launching a new SUV could be its quickest route to recovery.
Micheal Leiters, McLaren’s new CEO, has refrained from directly confirming plans for an SUV. His predecessor, Mike Flewitt, famously vowed that McLaren would never produce an SUV. Instead, Leiters has referenced the development of a “shared performance vehicle” (SPV) that deviates from the traditional concept of a sport utility vehicle, focusing on performance instead. This new vehicle will rely on an unnamed partner for its foundational platform.
This strategy reflects a common tactic among supercar manufacturers reluctant to openly acknowledge their need for an SUV to boost profits. According to Road & Track, McLaren incurred losses exceeding half a million dollars on every one of the 2,137 supercars it sold in 2023.
The introduction of the new SPV is crucial if McLaren aims to return to its roots of producing exceptional vehicles. Leiters has assured that the company remains committed to its core mission, stating, “…we want to become a sustainable company. This is based on the segment we are in today—so supercars and ultimate cars. That is our primary focus.” However, the lucrative nature of SUVs is evident, supported by the success of Aston Martin, Ferrari, and Lamborghini, which each launched their own SUV models, the DBX, Purosangue, and Urus, respectively.
Leiters elaborated to R&T that expanding into new segments is essential to reach McLaren’s full potential. He stated, “We believe there is a second stage…to enlarge and expand our lineup beyond the segment where we are today. We have called this ‘shared performance’ because you can share the performance with more people than you can have in a McLaren today.”
The upcoming SPV, or multiple versions thereof, is likely to feature hybrid technology. Current indications point to a plug-in model that will integrate a McLaren powertrain into a partner’s existing platform, as mentioned by Leiters. This approach will minimize development costs for McLaren, allowing them to utilize a new SPV’s platform alongside a current or future powertrain from models like the Artura or its successor to the 750S.
The “shared” model is expected to utilize either a hybrid twin-turbo V6 engine or a plug-in V8. If McLaren opts for the latter, Road & Track notes a potential collaboration with BMW, with the SPV possibly being developed on the platform of BMW’s V8 PHEV, the XM. Leiters highlighted McLaren’s commitment to maintaining the lightweight characteristic of its supercars, suggesting that a collaboration with BMW’s M Division could result in a lighter plug-in hybrid SUV through reduced mass.
The anticipated price of the lightweight SPV is around $400,000, with funds generated directed toward McLaren’s efforts in the electric vehicle market to establish what it terms the “first EV supercar.” However, it first needs to navigate its current challenges, and McLaren is clearly counting on the introduction of the SUV/SPV to help them move forward.
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