Red alert! McLaren will expand into ‘new product categories’ under new owner

Well this is a rather big turn of events. McLaren is on course to start making more than just mid-engined supercars, under plans laid out by its new owner.

Yep, McLaren Automotive has been acquired by CYVN Holdings – an Abu Dhabi-based investment company – which has also taken a non-controlling staking in McLaren Racing.

At the same time it’ll merge with CYVN’s British start-up brand Forseven, which has been tooling up in ‘stealth mode’ (McLaren’s words, not ours) over the last three years to launch into the luxury car market.

In that time it had a bit of help from Gordon Murray Technologies, which (of course) CYVN owns as well.

Forseven will now break into the luxury sector under the McLaren brand, which means the company’s existing ‘portfolio will be expanded into new product categories’. Hmm… any guesses?

We won’t be given specifics until later in the year, but apparently McLaren Automotive is set to benefit from CYVN’s ‘strategic investment in NIO to deliver access to visionary technologies and electrification’. Yep, that Nio…

Forseven boss Nick Collins becomes CEO of the newly created McLaren Group Holdings, while CYVN chairman Jassem Al Zaabi assumes the same title overseeing MGH.

“I’m personally committed to making this vision a reality,” says Al Zaabi. “It isn’t just about investing, it is about shaping the future of McLaren as a brand, as a business and its place on the global automotive map. We want to – and we will – push boundaries and deliver groundbreaking innovations that drive real progress in the sector.

“This is the start of an exciting new era for McLaren as a car brand and an automotive business. With our active ownership through CYVN Holdings and our portfolio of complementary businesses and strategic investments, McLaren will have access to world-class engineering and design excellence, leading-edge technology, and experienced leadership in advanced mobility. These resources will fuel McLaren’s next chapter, enabling the brand to stay at the forefront of innovation."

And Collins added: “With the support and ambitions of our shareholder, we have a unique opportunity to sustainably grow McLaren into a world-beating company. The combination of what McLaren has achieved, and what Forseven has built in a short time is incredibly complementary. Together, we believe McLaren can be more, can do more and can offer more.”

A so-called ‘turnaround plan’ is to be set into motion immediately, with Collins saying McLaren needs to “optimise operations” and “deliver efficiencies”. Uh oh, that’s often corporatespeak for cutbacks. Here’s hoping it doesn't come to that...