An Abu Dhabi company has completed its acquisition of McLaren Automotive and combined it with a luxury car brand and Chinese EV technology from Nio.
CYVN Holdings is combining McLaren Automotive and British luxury start-up, Forseven, to integrate under new McLaren Group Holdings which is likely to lead to job losses.
It has also taken a non-controlling stake in McLaren’s Racing business which will be included in the group as well as the majority shareholding in McLaren Licensing under new Group CEO, Nick Collins.
The value of the deal was not disclosed but has been reported to be as much as $1.2bn.
CYVN Holdings is an investment fund for mobility which already owned Forseven, which has been in stealth mode for the last three years under Collins, and Gordon Murray Technologies, following its strategic acquisition by CYVN in 2023 to accelerate CYVN’s engineering and lightweight design expertise. CYVN also has a strategic investment in Chinese electric car company NIO which will provide Forseven and McLaren with software, hardware and electrification technologies.
This will drive the company into new product categories, details of which will be announced later this year. However the new group is also now implementing a turnaround plan for the existing operation over the next six months.
“This 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,” said Jassem Al Zaabi, who will become Chairman of the combined group.
“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 our next chapter, enabling the brand to stay at the forefront of innovation.”
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“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,” said CEO Collins.
“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.”
More details on the vision and strategy will be announced later this year.
www.gordonmurraygroup.com/; cars.mclaren.com/gb-en; www.nio.com
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