McLaren close to securing additional £100m from Gulf backers to fast-track new models
McLaren is reportedly close to securing additional funding worth more than £100m to fast-track the production of new models.
The cash-call – which could be finalised as early as tonight – would give the luxury car maker at least £80m of capital for the delivery of new road cars, sources told Sky News’ Mark Kleinman.
McLaren is expected to push the pedal towards electrification, producing a series of new models, after the welcome received for its hybrid sports car, Artura.
Saudi and Bahraini sovereign wealth funds PIF and Mumtalakat feature among the marquee’s top investors and those supporting the move.
The news follows PIF becoming Aston Martin’s second-largest shareholder, City PM reported.
Considered a confidence boost from existing investors, the funding round comes a few months after McLaren appointed Ferrari’s former chief technology officer Michael Leiters.
Leiters replaced Mike Flewitt, who stepped down in late October after eight years at the company’s helm.
McLaren rebounded from the pandemic, improving its financial performance due to a strong demand.
The car manufacturer was also rumoured to be at the centre of a possible takeover from Audi, but sources close to the matter denied the suggestion.