Written by Cláudio Afonso | LinkedIn | X
McLaren Automotive will incorporate electric vehicle technology from Chinese carmaker Nio as part of a restructuring led by Abu Dhabi’s CYVN Holdings, which has taken control of the British supercar maker and consolidated its mobility portfolio into a newly formed group.
CYVN, a government-backed investment vehicle focused on mobility, announced Thursday the creation of McLaren Group Holdings Ltd, combining McLaren Automotive, its non-controlling stake in McLaren Racing, British EV startup Forseven, and a new McLaren Licensing business.
In October last year, CYVN reached a non-binding agreement to fully acquire McLaren’s automotive business from Bahrain’s sovereign wealth fund Mumtalakat.
“McLaren Automotive will benefit from CYVN’s strategic investment in NIO, to deliver access to visionary technologies and electrification, in addition to three years of stealth mode development from the team at Forseven,” the newly formed Group said in a statement.
Abu Dhabi’s sovereign fund is Nio’s largest shareholder with a 21.7% stake, acquired through a pair of transactions totaling $2.94 billion in 2023.
The integration comes as CYVN seeks to reposition McLaren as a high-performance, global luxury brand backed by smart EV capabilities. Nick Collins, CEO of Forseven and a former Jaguar Land Rover executive, will lead McLaren Group Holdings as chief executive.
In February, Nio Technology (Anhui) Co., a wholly owned unit of Nio, signed a technology licensing deal with Forseven Ltd., granting it a global, non-exclusive license to use Nio’s EV platforms, software, and IP for research, manufacturing and sales of Forseven-branded vehicles.
According to a Hong Kong stock exchange filing, the agreement also includes after-sales service provisions and covers both current and future Nio-developed technologies.
That tie-up is now expected to extend into McLaren Automotive’s operations under the new group structure. CYVN said McLaren’s product portfolio will be “expanded into new product categories,” with additional details expected later this year.
McLaren’s chief Michael Leiters said in mid last year the company was already working on a fully electric model. “We have started and are working intensively on a pure electric powertrain,” the executive told Car and Driver media outlet.
“We understand what it means to make supercars, if we are not able to do that then nobody else will be able to,” he added back then.
The investment vehicle has also acquired Gordon Murray Technologies, known for lightweight automotive engineering, and said the three-year stealth-mode development of Forseven will contribute to McLaren’s future model pipeline.
“This is the start of an exciting new era for McLaren as a car brand and an automotive business,” said Jassem Mohamed Bu Ataba Al Zaabi, Chairman of CYVN and incoming Chairman of McLaren Group Holdings. “We want to — and we will — push boundaries and deliver groundbreaking innovations.”
Commenting on the McLaren Racing unit, Al Zaabi the team “is also equally committed to driving its long-term success” adding they are “looking forward to supporting the team in building on their successes, winning more podiums, and inspiring fans worldwide.”
A “turnaround plan” for McLaren Automotive is set to begin immediately and will run in parallel with the group’s integration process over the next six months. Collins said the company will prioritize operational efficiency and supplier relations while scaling up its global presence.
“With the support and ambitions of our shareholder, we have a unique opportunity to sustainably grow McLaren into a world-beating company,” Collins said.
As of the time of writing, Nio shares are trading 1.60% lower at $3.70 less than 24 hours after U.S. President Donald Trump announced a new round of tariffs and confirmed 25% tariffs on every foreign-made vehicle and parts.
