To say that McLaren is not doing well is an understatement. UK manufacturers have been hit hard by the corona crisis, global chip shortages and disappointing demand. There isn’t even any money left over to give the new Artura a much-needed update.
In the first nine months of 2022, McLaren lost the equivalent of 235 million euros. That is a significant deterioration compared to the same period a year earlier, when the brand suffered a loss of 80 million euros.
McLaren suffered a lot from the corona epidemic
All manufacturers have been affected by the corona epidemic, but McLaren seems to be the only one that cannot recover. To survive, the company has sold its headquarters and even sold shares in its F1 team.
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The new Artura should bring better times
The new Artura was supposed to bring better times, but the troubled successor of the 570S only causes headaches. The model was supposed to hit the market at the end of 2021, but it has been postponed again and again due to problems.
Problems persisting with delay after delay
McLaren couldn’t get enough chips for production and everything went wrong with Artura’s onboard software. In its financial report for the third quarter, the manufacturer reports that Artura needs a technical upgrade.
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No money for a much needed technical update
These improvements cause further delays. And besides, McLaren has no money of its own. According to Automotive News therefore the brand has sold part of its historic collection for the equivalent of 115 million euros.
Talk to shareholders for financing
The buyer is Bahrain’s sovereign wealth fund, which owns about 60 percent of the shares in McLaren. However, McLaren admits that 115 million euros is not enough. So the company is in talks with its shareholders to get more funding.
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