McLaren set to go electric as part of Forseven merger
Legendary British sports car maker McLaren is set to expand its business with a range of luxury all-electric models following its purchase by Abu Dhabi investment vehicle CYVN Holdings.
CYVN already owns British luxury EV startup Forseven, while holding a strategic investment in Chinese brand Nio, and will be bringing the two British companies together under a new company called McLaren Group Holdings.
Forseven CEO Nick Collins, who was formerly executive director of vehicle programmes at JLR, becomes CEO of the new business. Collins also serves on the board of Nio.
The new business secures the future of McLaren, with Collins set to lead a reinvention of the British brand as it merges with the relatively unknown CYVN-owned Forseven.
Forseven has been working in stealth mode to develop a new British luxury brand focusing on all-electric models – as Jaguar is doing – with a launch under a new brand expected some time this year. Now those models will be redeveloped as McLarens.
Nick Collins said: '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.'
'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.'
Chinese brand Nio will provide advanced technologies and electrification to the new McLaren business, which could include everything from battery technology to autonomous driving tech. Nio has also pioneered battery swap stations, which could also become part of the new McLaren plan.
CYVN bought another British business, Gordon Murray Technologies, in 2023, which has already been integrated into Forseven. Gordon Murray Technologies had focused on an innovative iStream production process which enables lighter weight vehicles, crucial to the efficiency of electric cars.
CYVN's investment in McLaren also includes a non-controlling stake in current Formula One World Champions McLaren Racing, which also now sits under the new McLaren Group Holdings. A new McLaren Licensing business has also been set up that's likely to take advantage of the kinds of spin-off opportunities that have proved lucrative for the likes of Ferrari and Bentley – two key rivals for the new automotive business.
Although CYVN's investments to date have mostly been around electric vehicles, it's likely that the new range of McLarens will take a multi-powertrain approach with fully electric models sitting alongside high-performance petrol cars, too.
Further details on the new McLaren Automotive strategy have been promised later this year.
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