McLaren Automotive, a subsidiary of the McLaren Technology Group, has unveiled its £1 billion expansion plan. The plan has been revealed on Tuesday in the Geneva Motor Show, while introducing its 570 GT model.
The strategic plan covering next six years includes production of 15 new cars or derivatives of existing models. It also aims to enhance annual sales at 5,000 cars from 1,600 while recruiting 500 more staff to its working force. However, at least half of its new produces will have hybrid engine technology, reports BBC.
McLaren Automotive has been launched just six years back. The sports car manufacturer has been leveraging the success of its parent business in Formula One racing to apply race-track technology to road-going supercars. The company has discovered a ready supply of buyers for its high-performance two-seaters though the McLaren cars are beyond the price range of most motorists, according to a report published in The Telegraph.
Though a separate legal entity, McLaren shares facilities and expertise with its Formula One namesake. The automobile manufacturer is intending to expand in a market segment that has been traditionally dominated by Ferrari and Aston Martin.
Some smaller automobile manufacturers have been pulled back for not being a part of a wider manufacturing group. Partnership with larger brand Daimler for supplying some electronics and engines, Aston Martin has tried to encounter the problem, reports Reuters.
The business plan, called Track 22, is expected to confirm continuity of McLaren Automotive towards building world's finest two-seater sports and super cars. The plan also covers broadening the customer base in the UK supercar market attracting the rich instead of the super-rich. McLaren has developed image of a supercar manufacturer through producing petro electric hybrid McLaren P1. The company has overridden previous image since introducing cheaper car models. A quarter of the expansion fund will be used in the research and development of all electric prototype, cites Mike Flewitt, chief executive of McLaren Automotive. The new range of cars is expected to bring down the age profile of a typical McLaren buyer. The average age of a McLaren buyer in Europe is above 40 which appear 20-plus for a Chinese buyer. According to the Track 22 plan, the McLaren workforce will grow to 2000 with the new recruits. A recruitment process has already started for the second production shift at Woking, Surrey. Though hiring good engineers is getting tough now a day, but McLaren is believed to attract them offering working for a better brand. McLaren Automotive has already started to produce cheaper supercars to attract the British rich community instead of the richest only. While introducing one of its cheaper models, 570 GT model, in the Geneva Motor Show, the McLaren chief executive has narrated next five years' expansion plan with a cost of £1 billion. The plan includes triple folding the production while hiring more manpower.
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