McLaren in need! Sells a collection of classics to raise money

To say McLaren is not doing well is an understatement. The British manufacturer was hit hard by the corona crisis, the global chip shortage and disappointing demand. There’s not even money left to give the new Artura a much-needed update.

In the first nine months of 2022, McLaren lost the equivalent of 235 million euros. This is a significant deterioration compared to the same period last year, when the brand lost 80 million euros.

McLaren suffered greatly from the corona pandemic

All manufacturers are affected by the corona pandemic, only McLaren does not seem to be able to recover. To stay afloat, the company has sold its headquarters and even a stake in its F1 team.

The new Artura should bring better times

The new Artura should have brought better days, but the troubled successor to the 570S is just a headache. The model should have been launched at the end of 2021, but was repeatedly postponed due to problems.

Ongoing issues and lag by lag

McLaren couldn’t get enough chips for production and things went wrong with the Artura’s onboard software. In its financial report for the third quarter, the manufacturer reports that the Artura needs to be technically upgraded.

No money for urgently needed technical update

These upgrades cause even more lag. And besides, McLaren doesn’t have the money for it. According to Automotive News, the brand has therefore sold part of its historic collection for the equivalent of 115 million euros.

Discussions with shareholders on financing

The buyer is the Bahrain sovereign wealth fund, which owns around 60 percent of the shares in McLaren. However, McLaren admits that 115 million euros is not enough. The company is therefore in talks with its shareholders in order to obtain further financing.