McLaren Automotive has encountered various financial challenges in recent years—more so than many of its rivals. It divested its own headquarters and promptly commenced leasing it back in 2021, and now it’s offloading historic models from its vintage collection to secure more funds for vehicle development. Bloomberg states an unspecified number of cars were handed over to the automaker’s primary shareholder, Bahrain’s sovereign wealth fund Mumtalakat Holding Co.
The transaction supposedly generated $123 million in fresh capital. As unconventional or perhaps startling as this notion may sound, it’s not without precedent. In its 2021 annual report, McLaren indicated it sporadically offloads vehicles from its vintage collection to maintain operations on track. This is particularly noteworthy, given McLaren’s history of producing premium vehicles, and the models retained by the automaker are exceptionally valuable.
These funds are purportedly being utilized to implement technical enhancements to the Artura, the marque’s inaugural V6 hybrid supercar. Due to pandemic-related interruptions, deliveries veered off course, and as of December, only a modest number had reached customers. This comes on the heels of a litany of issues highlighted by British media who test-drove the vehicle in June, noting that one even ignited on a racetrack.
The hybrid V6 McLaren Artura has had numerous problems since it was launched. McLaren
McLaren’s assortment encompasses over 50 high-performance production models alongside a significant number of racing cars. Many of them represent iconic vehicles crafted by the brand at various junctures in its history, so it goes without saying that the company isn’t particularly inclined to part ways with them. Despite the injection of cash, more financial resources are required.
McLaren disclosed a loss of $247 million in the initial three quarters of 2022, and prior to this maneuver, it purportedly had $107 million in cash reserves. This fresh funding marks just the latest in a series as McLaren obtained $153 million from Saudi Arabia’s Public Investment Fund and others only a few months earlier.
The crux of the matter is that McLaren requires more capital than its latest vehicles are presently generating. Escaping this downturn is poised to present a formidable challenge, and the British firm seems to be exhausting its viable alternatives.
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