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McLaren’s Once-a-Decade Debut Augurs Hybrid Supercar Future

McLaren’s Once-a-Decade Debut Augurs All-Hybrid Supercar Future

McLaren Automotive’s first new vehicle chassis in a decade will carry a big burden, underpinning the supercar maker’s transition to all-electrified powertrains.

The first of the gas-electric hybrid models built off the carbon fiber architecture will debut next year, McLaren said in a statement. Its composites technology center in Northern England’s Sheffield region developed the chassis and will produce it.

McLaren’s Once-a-Decade Debut Augurs Hybrid Supercar Future

McLaren is vying with the likes of Ferrari NV to leverage electrification for performance boosts, contrasting with the mainstream car industry’s pressure to do so for environmental reasons. Chief Executive Officer Mike Flewitt told the Financial Times that the company will focus on hybrid supercars for the next 10 years and expects to cease any traditional engine development by 2030.

Ferrari has been less clear about its timeline for going all-electric and recently was forced to delay production of its 1,000-horsepower SF90 Stradale, its first production-volume plug-in hybrid. While Aston Martin has scuppered plans for an electric supercar after struggling with bloated inventory and debt, Porsche introduced its first all-electric model -- the Taycan -- last year.

Challenging Times

McLaren has struggled in recent months as the coronavirus pandemic took a toll on sales and idled its Formula One racing franchise. It raised 150 million pounds ($196 million) last month from the National Bank of Bahrain, an affiliate of Mumtalakat, Bahrain’s sovereign wealth fund and its largest shareholder.

The company had previously warned it could run out of money by mid-July after noteholders opposed a plan to raise funds by mortgaging its headquarters and a historic car collection.

McLaren is working to increase the proportion of its components that are U.K.-made as the transition period for Britain leaving the European Union approaches at the end of this year. Parts including gearboxes currently made in Italy will be made in the U.K. for future models, pushing its portion of locally sourced content close to 60%, the FT reported.

The moves should enable McLaren to meet the typical threshold for goods to qualify for zero-tariff treatment under so-called rules of origin. Only about 20% to 25% of the overall value of cars produced in the U.K. originates domestically, according to research group U.K. in a Changing Europe.

©2020 Bloomberg L.P.