McLaren appears to be in a much healthier financial position after announcing that it has secured additional funding from existing shareholders to the tune of £70 million (approximately $85 million), which could mean that new products from McLaren are imminent.
According to a report from Sky News, this injection of cash is part of a broader capital-raising initiative that seeks to generate as much as £500 million (roughly $605.5 million) in funding. This comes after McLaren Automotive, the McLaren Group's road car division, sold off a large chunk of its heritage collection to fast-track reliability fixes for the Artura. Mumtalakat bought the classics in a deal worth some £100 million (around $121.2 million). Bahrain Mumtalakat Holding Company is the sovereign wealth fund of the Kingdom of Bahrain, one of the automaker's biggest investors.
Reportedly, this £100 million injection will not contribute to the £500 million sum that McLaren seeks to raise.
The Woking-based automaker has been in financial turmoil for some time now. In 2021, it had to sell its headquarters to an investment firm, but because it still needs a place from which to operate, it is now leasing those facilities from the new owner, Global Net Lease. But by continuing to attract investment, it's clear that McLaren may still have a bright future.
Other positive developments for McLaren have also just been announced. Charles Sanderson has returned to the company as Chief Technical Officer after a hiatus with Rivian as Platform Chief Engineer, while Jorg Laser has joined McLaren as Chief Procurement Officer, bringing experience from stints at General Motors, MAN Trucks, Autoliv, and WayRay AG.
But the appointment we're most excited about is that of Emmanuele Raveglia. Like McLaren CEO Michael Leiters, who was appointed last year in April, Raveglia joins McLaren from Ferrari, where both men oversaw the development of the Purosangue. Raveglia was the Vehicle Line Director for machines like the F8 Tributo, the 488 Pista, and the Purosangue, so he will have unique insights into supercar production.
More importantly, the former Ferrari man can tell McLaren what to focus on when it inevitably launches a high-end SUV of some sort, something that has been rumored for a while now. There have also been rumors of a McLaren EV, but either niche - elevated or electric - may be considered imperative for the future competitiveness and stability of the company.
It's unclear what these new funds will be used for or what vehicles Raveglia will be asked to manage in his role of Vehicle Line Executive Director, but none of it will go to McLaren Racing (now a standalone entity within the McLaren Group), which is said to be in no need of additional funds at this time.
We suspect McLaren will leverage the lessons learned in the hybrid Artura's development and the injection of funds to accelerate plans for an electric vehicle. Seeing the success of cars like Porsche's Cayenne and Macan and the overwhelming demand for the Purosangue, a crossover is undoubtedly high on the priority list too.