As a result of the extra cash, the British marque is upgrading the much-postponed model.
Desperate times call for desperate measures at McLaren.
A portion of McLaren’s heritage car collection has recently been sold to its main shareholder to raise capital, Bloomberg reports. In order to complete certain technical upgrades on the Artura supercar, McLaren needed the cash injection. A shortage of chips has caused serious delays in the introduction of McLaren’s first hybrid in mid-2021.
Despite not providing details regarding the specific vehicles, McLaren confirmed that the historic vehicles had been sold to the sovereign wealth fund Mumtalakat Holding Co. Nearly 60 percent of McLaren is owned by Mumtalakat, which pledged $123 million (£100 million) to support the company.
This report states that McLaren sells some of its prized vehicles occasionally to keep operations in line with its goals. The heritage collection currently consists of more than 50 high-performance rides and a large number of Formula 1 race cars.
For the launch of the Artura, McLaren has sought emergency financing from shareholders numerous times in recent years. Ares Management Corporation and Saudi Arabia’s Public Investment Fund contributed $154 million (£125 million) in convertible preference shares just a couple of months ago.
Despite recent cash injections, McLaren says it is in negotiations with all shareholders “about a recapitalization of the group.” It is also considering partnership opportunities to generate more scratch. Of course, the Artura is worth it. The supercar will start at $233,000 and come with a 3.0-liter V-6 engine with an axial flux electric motor, which can produce 671 horsepower. Assuming the four-wheeler makes it out of the factory, you can expect good agility and drivability, too.
