Photo: McLaren
According to a report from Bloomberg, the McLaren Artura gets upgraded with money raised from historic automobile sales from the company’s collection. The supercar manufacturer got a $123 million cash injection from its primary shareholder – Mumtalak Holding Co. – to finance the development of the next model from the British brand.
“Certain technical upgrades” for the Artura translated into delayed deliveries, according to a statement from the company, and the famous race-proven automotive great went in search of financial aid. The solution was lying in their heritage collection – McLaren sold an undisclosed number of unnamed models to the Bahrain sovereign wealth fund Mumtalak.
It is a practice the supercarmaker has retorted to in the past – selling some rare vehicles from the heritage assortment. According to a 2021 report, 54 four-wheeled gems from the Formula 1 and F1 breeds were accounted for under McLaren’s curation.
Still, more than the extra funding received is needed to fill in all the blanks of the Artura project, and the company is still on the prowl for money-pouring partners. “We are in active talks with all shareholders regarding a recapitalization of the group,” means the hybrid-electric car refreshment is quite a cash-hungry process.
McLaren is deep in the red, with a $240 million loss in the first nine months of 2022 and a $103 million drop in liquidity for the same period. The heritage cars sale fundraising follows a $155 million preferred stock conversion a few months ago.
The Artura is haunted by economic setbacks, with McLaren drifting the murky waters of business. The hybrid supercar saw its launch in early 2021 after delays from the original date. However, shallow pockets did not deter the Brits from announcing their 205 mph (330 kph - electronically limited) supersportscar.
Despite the monetary inconvenience, the Artura brought electrifying promises of performance: 671 hp (680 PS) combined power from the 3.0-liter V6 and the electric motor and a total torque of 531 lb-ft (720 Nm). For a car weighing just 1.5 tons, that’s a three-second 0-60 mph (0-97 kph) punching power, with a 42+ mpg (5.7 l/100km) fuel economy. The price tag, however, matched the specs: almost $230,000 (at the time of its launch).
It is a practice the supercarmaker has retorted to in the past – selling some rare vehicles from the heritage assortment. According to a 2021 report, 54 four-wheeled gems from the Formula 1 and F1 breeds were accounted for under McLaren’s curation.
Still, more than the extra funding received is needed to fill in all the blanks of the Artura project, and the company is still on the prowl for money-pouring partners. “We are in active talks with all shareholders regarding a recapitalization of the group,” means the hybrid-electric car refreshment is quite a cash-hungry process.
McLaren is deep in the red, with a $240 million loss in the first nine months of 2022 and a $103 million drop in liquidity for the same period. The heritage cars sale fundraising follows a $155 million preferred stock conversion a few months ago.
The Artura is haunted by economic setbacks, with McLaren drifting the murky waters of business. The hybrid supercar saw its launch in early 2021 after delays from the original date. However, shallow pockets did not deter the Brits from announcing their 205 mph (330 kph - electronically limited) supersportscar.
Despite the monetary inconvenience, the Artura brought electrifying promises of performance: 671 hp (680 PS) combined power from the 3.0-liter V6 and the electric motor and a total torque of 531 lb-ft (720 Nm). For a car weighing just 1.5 tons, that’s a three-second 0-60 mph (0-97 kph) punching power, with a 42+ mpg (5.7 l/100km) fuel economy. The price tag, however, matched the specs: almost $230,000 (at the time of its launch).
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