McLaren saved in Foreseven merger and EVs are part of the plan
Under new ownership, McLaren and Foreseven are merging to create McLaren Group Holdings, with EVs and SUVs expected to join Woking's supercars in the lineup
British supercar manufacturer McLaren and EV start-up Forseven confirm a merger to create a new company that will provide the McLaren product line-up with a much needed boost. McLaren Automotive and Forseven, the electric vehicle start-up that acquired Gordon Murray Technologies in 2023 and therefore access to the Professor's iStream platform technology, have merged to create a new company, McLaren Group Holdings, under the stewardship of owners CYVN Holdings.
The new organisation will be responsible for continuing the manufacture of McLaren’s range of supercars, along with the future development and launch under the McLaren name of the electric vehicles Forseven has been developing for the last few years.
McLaren Group Holdings will be headed by former JLR executive, CEO Nick Collins, with CYNN chairman Jassem Mohamed Bu Ataba Al Zaabi taking on the role of chairman of McLaren Group Holdings. The Group will also benefit from CYNV investments in Nio, the Chinese technology company that specialises in electrified automotive technology such as batteries, motors and processors.
This merger ends a number of years of speculation and concern for the future of McLaren. Losses have racked up and sales have dropped as the British supercar company has struggled to get back to its feet post-pandemic. A much publicised delay to the launch of its first hybrid supercar, the Artura has only added to its woes in recent years. Under Collins’ stewardship, a turnaround plan for McLaren Automotive will be implemented immediately.
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'We have a clear strategy to achieve our vision,' Nick Collins said in a statement. '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,' he clarified.
What does all this mean for McLaren? Well, it needs a wider portfolio of vehicles to sell, both to those who already have a McLaren but also require something more practical and/or with zero emissions, and to those who don’t want a supercar but do want to be part of the McLaren family.
This need will now be met by Forseven’s current product plans, a portfolio of vehicles – including an SUV – that have been designed and developed to near completion with everything in place bar a brand to sell them under. The cost to create and launch an automotive brand wasn’t an option, but the McLaren name provides this missing link. Access to Nio’s battery technology will also accelerate McLaren’s electrification strategy ahead of many of legacy brands on their electrified transformation and, of course, the iStream technology will see a piece of Gordon Murray innovation once again back in a McLaren.
Away from the product, McLaren will spread its wings around the United Kingdom. Its existing carbon fibre production facility in Sheffield will continue to create the firm’s Monocell tubs and has capacity to take on the production of additional carbon platforms.
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The McLaren Technology Centre in Surrey, the company’s spiritual home that it sold off to raise much needed funds in 2021, will remain the company’s home and be where the current product line is manufactured. It will also benefit from Foreseven facilities in Bicester, which includes a new design facility under development, and as well as the talent stationed at its headquarters in Leamington Spa.
