McLaren to Add Luxury SUVs to Lineup Under Its New Owner

McLaren Automotive Ltd is reportedly gearing up to commence production of high-end sport utility vehicles and sedans as part of its turnaround plan under this British supercar maker’s new owner. According to reports, Abu Dhabi’s CYVN Holdings LLC, which acquired McLaren in December, is planning to merge the company with its UK electric vehicle startup, Forseven Holdings.

According to reports, the state-owned investment firm aims to leverage McLaren’s storied brand to produce a lineup of vehicles. However, the plans are confidential and not revealed to the public. In the coming weeks, CYVN is planning to announce the official merger. The report indicates the former Jaguar Land Rover executive, Nic Collins, will lead the enlarged entity while the current CEO of McLaren, Michael Leiters, will retain the position as head of the brand’s car company.

Previously, McLaren had to get funding from shareholders on multiple occasions, including amid delays in its Artura model production and consistent deliveries. Under McLaren’s new ownership, the merger with Foreseven is the first step. Some rival supercar brands like Ferrari, Lamborghini, and Porsche have already introduced their SUV models to benefit from the rising demand for luxury high-performance SUVs. However, McLaren has to wait for years to enter this segment.

The Forseven represents itself as a British luxury car company but hasn’t revealed any models or aims to start selling the cars. Nio Inc., the Chinese EV maker, reported that it entered a technology licensing agreement with Foreseven last year. Interestingly, the CYVN also holds a share in Nio Inc. CYVN also acquired a minor state in the McLaren F1 team, which is ranking at the top after winning a recent constructor’s championship for the first time since 1998.