In early 2024, McLaren Automotive was acquired by Bahrain’s sovereign wealth fund but CYVN Holdings of Abu Dhabi has entered a non-binding agreement and will take 100 percent ownership of the brand if the deal goes forward. CYVN will acquire 100% of McLaren Automotive including its racing team and the companies will together work with a focus on electric vehicles for the future.
McLaren has long been struggling with quality issues and reliability concerns for quite some time now. Michael Leiers, who was the former Ferrari CTO, shifted to McLaren as the CEO of the company in 2022 and stated that the company had “non-matured” products.
Mumtalakat noted in a statement, “”This transformative investment by CYVN Holdings would bring access to additional capital, advanced engineering expertise, and pioneering technology, particularly in the field of electric vehicles.”
The new owners will bring more funds and their expertise and they will work together on new electric platforms. McLaren had earlier announced that it will be bringing an SUV to the market and also work on a front-wheel-drive sports car. This could be the moment when these mass market products become a reality and McLaren could finally become a high profit making brand.
Over the years, McLaren has really diluted its supercars, with new editions every now and then and creating too many one-off special editions which upsets the customers. One of the reasons to go for a supercar brand like McLaren is the exclusivity which McLaren has been struggling to gain.
