McLaren secures £70 million investment to fund electrification

McLaren Automotive has reportedly secured a £70 cardinal currency injection by selling shares to existing investors.

Sky News contiguous reported the backing circular is portion of a wider program to rise £500 million, needed to hole the institution for electrification. 

McLaren declined to remark connected the study erstwhile contacted by Autocar. 

It has not been reported which of the existing investors took portion successful the latest circular of funding, which follows a bid of akin efforts successful caller years. In July 2021, McLaren raised £550 million from sources including the Saudi Public Investment Fund and Bahrainiain Mumtalakat sovereign fund, pursuing a £150 cardinal loan granted by the National Bank of Bahrain successful June 2020.

The steadfast has besides sold disconnected respective invaluable assets: spinning disconnected the Applied exertion division successful August 2021 and parting with its Woking headquarters the April before, for £170 million.

In December past year, McLaren generated a further £100 cardinal by selling disconnected parts of its practice car fleet (which includes historical roadworthy and racing models) to the Mumtalakat fund.

The British institution confirmed it was successful progressive discussions with cardinal shareholders connected a “recapitalisation” programme, adding it expected to people details successful the archetypal (financial year) 4th of 2023, by the extremity of June.

McLaren launched its archetypal mainstream hybrid car – the Artura – past year, but the steadfast has yet to item plans for further electrified oregon afloat electrical models.

CEO Michael Leiters told Autocar successful September past twelvemonth that “hybridisation is simply a large opportunity”, but that the exertion for battery-electric supercars was “not there” yet, adding: “It volition instrumentality years.”

Leiters added: “Hybrid is simply a modulation decidedly to BEV, but the timing for maine is agelong term. I deliberation it's underestimated however important ICEs volition be, particularly successful our segment, besides successful the future. And I anticipation that the regularisation model volition let america to person to proceed with having concern successful this niche.”

Read more: Exclusive: caller McLaren CEO connected electrification and gathering an SUV