Photo: McLaren
These are hard times for everyone. Even high-end automakers such as McLaren Automotive are feeling the financial burden of the health crisis, and speaking of the British company, a massive restructuring plan is planned.
The McLaren Group is expected to lay off 1,200 people from its automobiles, applied technologies, and racing divisions. Considering that over 4,000 souls are currently working for the company, that figure represents more than a quarter of the workforce. Could things get any worse than this, though?
Well... yes. Earlier in May, McLaren didn’t shy off from mortgaging the Woking headquarters and its car collection for 275 million pounds sterling.
According to The Daily Mail, “'the cancellation of motorsport events, the suspension of manufacturing and retail activities around the world, and reduced demand for technology solutions have all led to a sudden impact.”
The group did manage to raise 300 million pounds sterling in equity from existing shareholders during February and March 2020, but don't forget that McLaren burns through cash every single day. Back on April 20th, McLaren had 115 million pounds sterling in cash and a total liquidity of 155 mil.
Paul Walsh is the man who has to lead the company during these troubled times, appointed as executive chairman in March 2020 "to help guide the next phase of McLaren's strategic development." In addition to the Speedtail, Elva, and 750LT special editions, the British company also looks forward to revealing the second generation of the Sports Series line of mid-engine cars.
The successor of the 570S is expected by pretty much everyone to drop the 3.8-liter twin-turbo V8 for a twin-turbo V6 architecture with some sort of electrical assistance. Be it hybrid or plug-in hybrid, rear- or all-wheel drive, there’s no denying the Sports Series Gen 2 is very important to McLaren.
2021 is when the European Union targets a fleet average of 95 grams of CO2 per kilometer, a figure which is pretty impossible to achieve even with a full lineup of hybrids. PHEV appears to be the way to go in this part of the world unless McLaren and others are prepared to pony up 95 euros for every gram of CO2 over 95, multiplied by the number of vehicles sold that year.
Well... yes. Earlier in May, McLaren didn’t shy off from mortgaging the Woking headquarters and its car collection for 275 million pounds sterling.
According to The Daily Mail, “'the cancellation of motorsport events, the suspension of manufacturing and retail activities around the world, and reduced demand for technology solutions have all led to a sudden impact.”
The group did manage to raise 300 million pounds sterling in equity from existing shareholders during February and March 2020, but don't forget that McLaren burns through cash every single day. Back on April 20th, McLaren had 115 million pounds sterling in cash and a total liquidity of 155 mil.
Paul Walsh is the man who has to lead the company during these troubled times, appointed as executive chairman in March 2020 "to help guide the next phase of McLaren's strategic development." In addition to the Speedtail, Elva, and 750LT special editions, the British company also looks forward to revealing the second generation of the Sports Series line of mid-engine cars.
The successor of the 570S is expected by pretty much everyone to drop the 3.8-liter twin-turbo V8 for a twin-turbo V6 architecture with some sort of electrical assistance. Be it hybrid or plug-in hybrid, rear- or all-wheel drive, there’s no denying the Sports Series Gen 2 is very important to McLaren.
2021 is when the European Union targets a fleet average of 95 grams of CO2 per kilometer, a figure which is pretty impossible to achieve even with a full lineup of hybrids. PHEV appears to be the way to go in this part of the world unless McLaren and others are prepared to pony up 95 euros for every gram of CO2 over 95, multiplied by the number of vehicles sold that year.
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