Abu Dabi investors CYVN Holdings, who already back British luxury car start-up Forseven and China’s EV firm NIO, have completed the acquisition of supercar firm McLaren Automotive and promise to secure its future.
They say work will begin immediately on a turnaround plan for McLaren Automotive “at an incredible pace”.
CYVN has created a new consolidated business, McLaren Group Holdings, which will oversee the combined business of McLaren Automotive and CYVN’s existing investment in the UK’s Forseven business, which was working to launch luxury EVs by the end of the decade, plus it will include CYVN’s shareholding in McLaren Racing.
McLaren Group Holdings will be headed by Nick Collins, the former JLR vehicle programmes director who is currently chief executive of Forseven, and CYVN said that it will clearly demonstrate its intent for growth by expanding the McLaren portfolio into new product categories.
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It added that McLaren Automotive will benefit from CYVN’s strategic investment in NIO, to deliver access to visionary technologies and electrification, in addition to three years of stealth mode development from the team at Forseven.
A turnaround plan for the existing McLaren Automotive operation will begin immediately.
Collins (pictured) said: “We have a clear strategy to achieve our vision, and we will move at an incredible pace to do so. We need to optimise operations, deliver efficiencies and reshape the new integrated organisation, so that we can grow our portfolio of cars, enhance customer experience and continue strengthening our global supplier and dealer relationships.”
CYVN, chaired by Jassem Mohamed Bu Ataba Al Zaabi, has a stated aim “to redefine the high-performance and luxury sectors” and set a new benchmark for excellence.
Jassem Al Zaabi, will also become chairman of McLaren Group Holdings.
“I’m personally committed to making this vision a reality. It isn’t just about investing, it is about shaping the future of McLaren as a brand, as a business and its place on the global automotive map. We want to – and we will – push boundaries and deliver groundbreaking innovations that drive real progress in the sector,” he said.
“This is the start of an exciting new era for McLaren as a car brand and an automotive business. With our active ownership through CYVN Holdings and our portfolio of complementary businesses and strategic investments, McLaren will have access to world-class engineering and design excellence, leading-edge technology, and experienced leadership in advanced mobility. These resources will fuel McLaren’s next chapter, enabling the brand to stay at the forefront of innovation.”
He added that CYVN is also committed to driving the long-term success of McLaren Racing.
Collins added: “With the support and ambitions of our shareholder, we have a unique opportunity to sustainably grow McLaren into a world-beating company.
“The combination of what McLaren has achieved, and what Forseven has built in a short time is incredibly complementary. Together, we believe McLaren can be more, can do more and can offer more.”
In 2021 McLaren raised £170 million in a sale and leaseback deal for its Woking headquarters (pictured).