McLaren Plans More Models And 100% Electrification By 2025.
Investment in 18 new models or derivatives will help lift production by almost 75% over current levels to around 6,000 cars a year.
GOODWOOD, England – Supercar builder McLaren Automotive will launch 18 new models and derivatives by 2025, when all of its models will be hybrids, and said production will then reach 6,000 a year.
McLaren global sales totalled 3,340 in 2017. North America was its biggest market accounting for 37% of sales.
At the Goodwood Festival of Speed Thursday, the luxury British sportscar and supercar maker said it will also evaluate new augmented driving features and help develop a lighter, superfast-charging, high-power battery system for performance applications that is expected to have over 30 minutes of electric range around a race track.
“Investment in 18 new models or derivatives will help lift production by almost 75% over current levels to around 6,000 cars a year by the middle of the next decade. As now, all will be hand-assembled at the McLaren Production Centre in Woking, England,” McLaren said.
McLaren its cars will feature enhanced cyber protection, improved vehicle tracking and over-the-air software updates, allowing McLaren customers to benefit from new features without the need for inconvenient downtime at retailers.
McLaren Automotive is evaluating several major new markets including Russia, India and Central/Eastern Europe.
“As a global brand we are set to add more retailers in both existing and exciting new markets as demand for our products continues to grow.,” Mike Flewitt, Chief Executive Officer, McLaren Automotive said.
In May, Canadian businessman Michael Latifi bought a stake of about 10% in McLaren, that includes the Formula One team.
McLaren said this investment of $272.55 million significantly strengthened its balance sheet as well as underpinning its ambitious growth plans.
Moody’s Investors Service wasn’t convinced.
“The equity capital increase is credit positive as it will strengthen McLaren’s cash position, improve its liquidity profile and support the group’s growth strategy. Despite the capital increase, we continue to view McLaren’s rating as weakly positioned at the currently assigned B2 level, given its very high leverage, a constrained liquidity profile and limited free cash generation,” Moody’s said in a statement in May.
According to investment researcher Evercore ISI the price paid by Latifi implied a valuation of $2.7 billion for McLaren.
Bahrain’s Mumtalakat holding company is the majority shareholder in McLaren with 56%, followed by the Saudi-led TAG Group with 14%.
McLaren has already committed to launching 15 new models or derivatives through 2022.
The range includes the 600LT, the 570S Spider, 720S and Senna. Prices start at about $200,000. The Senna is priced at around $1 million.