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McLaren in profit : Target now R18bn

2014-06-05 09:13

GREAT YEAR FOR McLAREN: McLaren has moved into profit after four years and hopes to earn R18-billion in annual turnover with vehicles such as its P1 and a new “cheaper” two-seat sports car. Image: McLaren

KEITH WEIR

LONDON, England - June 4 - McLaren, which makes limited-edition sports cars that sell for more than R10-million, plans to expand production after moving into profit for the first time.

The niche automaker, based in southern England, was launched in 2010 as a sister company to the Formula 1 racing team with which it shares a brand and technologies.

Its expansion plans are likely to bring it into closer competition with luxury brands such as Porsche, Audi and Aston Martin, as well as current rivals Ferrari and Lamborghini.

'PROFITABLE BUSINESS'

The company, whose main shareholder is a Bahrain investment fund, reported a pre-tax profit equivalent to R81-million for 2013 on turnover equivalent to R5-billion.

Mike Flewitt, chief executive of McLaren Automotive, said: "These results demonstrate that we have established a profitable long-term business."

The automaker is ultimately aiming for annual turnover of R18-billion after it expands production with the launch of a less-expensive sports car which should be available by the end of 2015.

Britain is the base for eight of the 11 Formula 1 teams, giving it a reputation for engineering expertise and helping to support a network of specialist parts suppliers across central and southern England.

EIGHT CARS A DAY

McLaren assembles only eight cars a day. It plans to more than double production to 4000 a year after it launches its new two-seater sports car which will sell for R2.4-million.

McLaren's most expensive P1 supercar sells for R15-million and the automaker has said it will make only 375 of them - for which it has already taken orders.

McLaren's other current models are the 650S Coupe and Spider  which sell for between R3.4 and R3.9-million and were launched earlier in 2014.

McLaren exports around 90% of its car and opened showrooms in four Chinese cities including Beijing and Shanghai during 2013.
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