McLaren Automotive to Become Independent
McLaren Automotive will take its leave from the McLaren group and become independent by the end of this year, with a scheduled release date of a first production model set for 2011. By appointing Credit Suisse as financial advisor, the company hopes to raise additional funding for the completion of its vehicle development program, just-auto.com reported.
"With planned additional investment in the company of 250 million pounds, proposals in place for a new McLaren car production facility in the UK, and the potential for up to 800 skilled jobs, McLaren Automotive's expansion will represent a significant investment in the UK automotive industry," Ron Dennis was quoted as saying by the source.
McLaren Automotive will try to tackle, obviously, the sports car segment of the automotive industry. Established in 1989 with the goal of developing cars based on Formula One technology, the creator of McLaren M81 Mustang or the renowned Mercedes Benz SLR McLaren promises not only to bring a fresh new perspective to the industry, but also to take full advantage of its Formula One experience.
As for what Dennis leaves behind, the now former Vodafone McLaren Mercedes CEO said: “I admit I'm not always easy to get on with. I admit I've always fought hard for McLaren in Formula 1."
Dennis will be replaced as CEO of the Formula One team by the new team principal Martin Whitmarsh.