McLaren is launching its first SUV, a hybrid-powered 'performance SUV', to compete against rivals like Ferrari, Lamborghini, Bentley and Aston Martin. The British sports-car maker aims to boost sales enough to build a second UK plant. The £500mn investment from its Abu Dhabi owner has cleared the company's debt and hopes to end years of losses.
McLaren sold more than 2,000 cars last year, down from a record 4,800 in 2018. CEO Nick Collins expects the SUV launch in the next few years as luxury brands expand beyond supercars. The company plans to build a new assembly plant in the UK, though the location is undecided.
McLaren will design and build its engines and transmissions in-house for the first time, while investing in carbon fibre capabilities and upgrading its paint shop. The £500mn programme is expected to create at least 1,000 UK jobs by 2032, with up to 3,000 additional positions across its supply chain.
Source: Financial Times Companies · Summarized by HeadlinesBriefing