McLaren Is Selling Historic Car To Secure Funding To Upgrade Artura

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We’re getting to the last month of 2022 but McLaren has yet to deliver a single unit of its prized Artura to a customer. The hybrid sports car introduced in mid-2021 is facing delivery delays due to the ongoing chip shortage late last year. However, McLaren faced another problem when it came to producing its first series-produced hybrid supercar.

McLaren disclosed in its third-quarter earnings report, saying that Artura required “certain technical upgrades” which resulted in another production delay. Of course, these upgrades required funds, forcing McLaren to sell some of its historic cars to raise the money Automotive News.

Bahraini sovereign wealth fund Mumtalakat Holding, which owns nearly 60 percent of McLaren, bought the historic car for 100 million pounds ($123 million). A spokesperson for McLaren confirmed this Automotive News, although exact details of McLaren’s historic vehicle were not disclosed. Of note, McLaren’s heritage collection includes 54 rare Formula 1 race cars and F1 supercars.

However, the injection of funds from the main stakeholders is not enough.

“We are in active talks with all shareholders regarding recapitalizing the group,” McLaren said in a statement Automotive News report.

McLaren has spent a lot of money. The company reported a $247 million loss in the nine months to September, up from an $84 million loss last year. Furthermore, the company’s liquidity at the end of Q3 fell to $106 million, a big drop from $208 million.

This year, McLaren has secured funds from some of its shareholders through convertible preference shares. Investment firm Ares Management Corporation and Saudi Arabia’s Public Investment Fund contributed to this funding, totaling 125 million pounds ($154 million).