McLaren Automotive is planning to build its first sport utility vehicle as part of a major expansion strategy funded by new owner CYVN Holdings, an Abu Dhabi government-backed investment company. The company, which was acquired last year from Bahraini sovereign wealth fund Mumtalakat, is investing £500m alongside the development of the new model and is expected to create approximately 1,000 additional jobs at the carmaker.
The unnamed SUV represents a strategic shift for the company, which has traditionally focused on two-seater sports cars and supercars since its founding in 1963. Chief Executive Nick Collins indicated the vehicle targets wealthy individuals who are enthusiastic about McLaren’s Formula One racing team but have never purchased one of the company’s conventional sports cars, citing the impracticality of high-performance vehicles for families. The SUV is expected to compete in the premium segment, with pricing anticipated to rival models such as the Bentley Bentayga, Aston Martin DBX, and Lamborghini Urus, all starting above £200,000.
The expansion includes plans for a new manufacturing facility, with Sheffield, home to McLaren’s existing carbon-fibre production plant, identified as the preferred location over the company’s Woking headquarters. Chief Operating Officer Michael Straughan described the SUV as a pivotal moment for the company, suggesting the model could potentially double annual sales from their current output of approximately 3,000 vehicles annually.
The initiative comes as McLaren Racing, the company’s Formula One subsidiary, has achieved recent success, winning the last two constructors championships. Despite merger discussions with electric vehicle startup Forseven Holdings last April, McLaren has indicated no immediate plans to develop an electric vehicle, with Collins stating customers have not requested such a model.
The investment and expansion plans were welcomed by UK officials as a commitment to British manufacturing and employment during a challenging period for the European luxury automotive sector.
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