The McLaren Group has just received a £70 million ($85 million) capital boost by a group of its existing shareholders. This funding comes as the British car manufacturer tries to fortify its balance sheet. It is said to be ultimately seeking as much as £500 million ($607 million) in new investments to help electrify its line-up of vehicles.
Sky News notes that the new funds are being earmarked for McLaren Automotive and will not be used by the carmaker’s Racing subsidiary which is now a standalone entity within the group.
It is understood that McLaren is still looking to recover from the handful of delays that slowed the introduction of the hybrid Artura. Last year, McLaren revealed that it was delaying deliveries of the Artura to make “technical upgrades to ensure Artura customers enjoy optimum long-term performance.” These upgrades were delayed by supply chain shortages.
Read: McLaren Sold $123M Worth Of Its Prized Car Collection To Fund Artura Development
McLaren has raised hundreds of millions of dollars worth of investments since the start of the coronavirus pandemic. In late December, McLaren revealed that it had to sell part of its heritage car collection to Bahrain’s sovereign wealth fund, Mumtalakat Holding Co, in exchange for a £100 million ($123 million) cash injection. The carmaker noted that it needed the money to make the required technical upgrades to the Artura.
Speaking during its third-quarter earnings call last year, McLaren revealed it was “in active talks with all shareholders regarding a recapitalisation of the group.” This came after the car manufacturer reported a £203 million ($249 million) loss in the first nine months of 2022.
