Even though McLaren just secured a £150 million ($190 million) loan this past month, the British brand will eventually need more funds, seen as how sales for 2020 are expected to be down across the board.
The supercar maker gets most of its revenue from sales of high-series models, but a slump in demand is certainly going to affect their numbers, which is why solutions such as possibly selling a stake in its racing outfit have already been considered.
McLaren also raised £300 million ($378 million) from its shareholders back in March in order to fund a revised five-year business plan, which began in Q1 of this year with production cuts meant to reduce the number of unsold models in dealerships.
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“Additional financing will be required by the Group to meet its liabilities as they fall due over the next 12 months,” said the carmaker in its 2019 annual report, published at the end of last month. However, the company won’t need to raise more funds this year, a spokesman told Autonews Europe.
Before securing that £150 million loan from the National Bank of Bahrain, McLaren was reportedly on track to run out of money by mid-July. At the same time, the carmaker was already losing money going into 2020, after posting a £29 million ($36 million) loss before tax in 2019.
A massive 84 percent of McLaren’s revenue came from car sales in 2019, with its F1 team accounting for 12 percent and its applied technology division for 4 percent.
This year, the company forecasts it will sell just 1,500 cars (compared to 4,662 units in 2019). However, this year’s product mix will include ultra-expensive models from its Ultimate Series range, such as the £1.75 million ($2.21 million) Speedtail and the £1.42 million ($1.79 million) Elva.
