McLaren Automotive Sees Profit
McLaren Automotive made both an operating and pre-tax profit for the first time in 2013, during only its third year of car production. This is a significant achievement for an independent British car company operating in such a highly competitive global market.
McLaren Automotive’s improved profitability proves the company’s longer term business model, which is able to invest continuously in R&D in order to develop and sell the world’s most exciting and technologically advanced high performance cars.
McLaren Automotive has also confirmed that its next all-new sportscar, codenamed P13, will be available before the end of 2015 and will take its range into a lower price-point – making McLaren more accessible, while retaining its commitment to excellence, performance and innovation.
P13 will be a comfortable, usable, and beautiful mid-engined two seater sportscar, built around a carbon fibre chassis. It w, 2014ill be available in more than one derivative and once fully on sale, McLaren Automotive’s total annual production will increase to around 4,000 units per year.
At the other end of its range, McLaren Automotive has also confirmed that it will produce a limited run of track-only editions of its award winning McLaren P1™ hypercar. Available only to clients who have ordered one of the 375 road legal versions, the car will be the company’s most powerful car yet. It will also be its rarest.
Commenting on the results, Ron Dennis, Chief Executive and Chairman of the McLaren Group and Chairman of McLaren Automotive, said: “Since launch, McLaren Automotive has outperformed predictions and rivals, setting new benchmarks in the sportscar market with a range of models that push boundaries through innovation and technology, while remaining true to the core values of the brand. The latest financial results, and returning a profit so early in the life of the company, are a real credit to the tremendous team within McLaren Automotive, and reflect their hard efforts.”
Mike Flewitt, Chief Executive of McLaren Automotive, added: “McLaren Automotive has already developed a deserved reputation for producing the world’s most exciting and technologically advanced high performance sports cars. But these results demonstrate that we have also established a profitable long term business, which is able to invest heavily in R&D, recruit the best people and ultimately create world class products. In a highly competitive market, we have laid solid foundations for future success.”
He added: “We are now focusing upon the road ahead. The McLaren 650S is already selling extremely well with over 1000 orders received and P13 is a very exciting project, which will help us to access new markets and customers, grow our sales volumes and ultimately increase both revenue and profitability. I am confident that by maintaining our commitment to innovation and excellence McLaren Automotive has an extremely bright future.”
As a result of on-target global car sales, McLaren Automotive’s revenues rose by £18.8m to £285.4m in 2013. The company delivered 1,359 12Cs and 36 examples of the McLaren P1™ during the year.
In line with its long term business plan, the company has continued to invest in the infrastructure, personnel and new technology required to support future growth. McLaren Automotive’s spend on R&D and the development of new models increased by £2.5m to £70.6m in 2013.
When McLaren Automotive was launched, it promised to unveil a new car or derivative every year. It continued to deliver on that promise during 2013, with the launch of the McLaren P1™ at the international Geneva Motor Show. The most technologically advanced car ever produced in the UK, just 375 will be produced all of which sold out within six months of being announced. Production began on schedule last September and more than 100 are now in customer’s hands.
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