McLaren sells historic cars to fund Artura upgrades


McLaren recently sold part of its prized heritage car collection to Bahrain’s Sovereign Wealth Fund, Mumtarakat Holding, to raise funds to upgrade its Altura supercar.

McLaren was forced to seek an injection of funding after identifying that “certain technical upgrades” of the Artura plug-in hybrid caused delivery delays, McLaren said in its third-quarter earnings earlier this week. rice field.

The company said its major shareholders, in which Mumtalakat owns about 60%, have agreed to back the company with an additional £100 million ($123 million).

A McLaren spokesman confirmed that the company had sold several legacy cars to the company’s major shareholders in exchange for a cash injection, without elaborating on the details of the vehicles sold.

McLaren’s heritage fleet includes 54 rare F1 racing cars and F1 supercars, according to its 2021 annual report. According to the same report, the company occasionally sells cars from its collection.

“We are in active discussions with all our shareholders regarding recapitalization of the group,” McLaren said on a conference call, suggesting additional funding would not be sufficient. We are also continuing discussions on possible partnerships.

McLaren reported a loss of $247 million in the nine months to September, compared to a loss of $84 million a year ago.
Liquidity declined from $208 million to $106 million at the end of the third quarter.

With Artura’s launch delayed significantly, the British brand has repeatedly sought urgent funding from shareholders over the past few years.

The latest funding round comes just months after shareholders, including investment firm Ares Management Corporation and Saudi Arabia’s Public Investment Fund, contributed £125m through convertible preferred shares.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *