"Certain technical upgrades" forced Macca to sell some of its most iconic cars.
In order to fund the McLaren Artura, the Woking-based company has sold a number of cars out of its heritage collection, Automotive News reports. The buyer of the cars is Bahrain's Mumtalakat Holding company, which owns a 60% stake in McLaren.
McLaren needed funding after issues with the Artura required "certain technical upgrades." These issues set off delivery delays at a very fragile time for the company. Its financial struggles are well known, and Mumtalakat has agreed to fund the brand with another $123 million in order to remedy the issues with Artura.
Right now, it is unclear which cars were sold. McLaren's heritage collection is vast, including legendary race cars like Lewis Hamilton's championship-winning Formula 1 machine, McLaren F1s, and a litany of special edition cars, one-offs, and projects.
In total, McLaren says it had 54 cars in its collection as of 2021, and the company says that it does sell cars out of the collection from time to time. During its third-quarter earnings call, McLaren said "We are in active talks with all shareholders regarding a recapitalization of the group." AN states these funds from Bahrain will not be enough to sustain McLaren, which has hemorrhaged cash of late.
McLaren continues talks surrounding future partnerships. With Porsche still shopping for a way into F1, McLaren surely seems a tempting option given the successes of its F1 effort in the last few years. But that does nothing to stop the losses the supercar firm is experiencing now.
In September, McLaren reported a loss of roughly $247 million for the first nine months of the year. A year ago, the company posted a loss of $87 million. It is still strapped for cash months after both Ares Management Corporation and Saudi Arabia's Public Investment Fund have the brand another $125 million in funding after Artura delays.