McLaren said on Monday it is securing “more than $2 billion” from its owner — the Abu Dhabi-based investment vehicle CYVN Holdings — to expand its portfolio over the next five years.
Speaking with the Financial Times, McLaren‘s CEO Nick Collins said the new capital will allow the British sports car maker’s portfolio to move away from the “perilous position” the company was before the April 2025 merger.
“Change was mandatory, and it was urgent,” Collins emphasized.
The $2 billion funding comes nine months after CYVN Holdings acquired McLaren‘s automotive business from the Bahraini sovereign wealth fund Mumtalakat.
Additionally, CYVN bought a minority stake in McLaren’s Formula 1 team as part of the deal announced in 2024.
Despite CYVN’s acquisitive approach and deep financial resources, people familiar with the fund have questioned the strategy behind its deals and whether it has the expertise to “run a car company”, FT‘s report noted.
However, McLaren‘s chief corroborated that he talked to the CYVN Chairman Jassem Al Zaabi, “on a daily basis”, and that the government-owned firm is not seeking “short-term results.”
“Any suggestion I’m under pressure from shareholders is laughable,” Collins stated.
Merger with Forseven
Apart from owning McLaren, CYVN is also an investor in the UK EV start-up Forseven Holdings and the Chinese electric carmaker Nio, holding a 20,1% stake in the latter.
As a result, McLaren merged with the British start-up last April and has collaborated with the Chinese pure EV maker.
Two sources familiar with the matter told Reuters last September that the new owner “plans to sell its EV using the McLaren brand.”
However, one insider told the outlet that “future models will incorporate far more McLaren “DNA” and less Chinese technology.”
Back then, Nio declined to comment on the matter, whereas the Abu Dhabi company did not respond to a request for comment.
Latest Sales and Losses
According to McLaren‘s latest figures, the company sold a total of 3,189 vehicles in 2024, growing 42% compared to the previous year.
The sports car maker’s financial loss declined to £177 million – equivalent to $238 million – in 2024, down from £924 million (approximately $1.2 billion) in 2023.
Soon after McLaren‘s integration with Forseven, the Abu Dhabi firm cleared roughly $800 million of debt at the automaker.
Hybrid Models
McLaren plans to debut and deliver a V-8-powered four-door hybrid SUV – code-named P47 – by 2028, the automaker stated in last November’s global dealer meeting at the McLaren Creation Centre.
The model is set to become the British sports car maker’s new entry point.
The sports car maker confirmed it will introduce at least one new model a year through 2028, starting next year with the W1, its fastest production vehicle.
The majority of the portfolio is expected to transition to hybrid powertrains within three years.
Responding to questions about a luxury EV, Collins said McLaren would only move in that direction “when the market requires it and wants it.”
