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McLaren posts weak financials, sold just 307 cars in three months

LONDON — McLaren saw group revenues reverse from 284 million pounds ($348 million) to 109 million ($134 million) in the first quarter of 2020 due to the COVID-19 pandemic, results on Thursday showed. The sports car maker also reported a plunge in car sales to 307 units over the three months, compared to 953 in the same period last year, with dealerships closed and factory production halted. It said second quarter figures were expected to be in line with Q1 but saw a stronger performance in the second half and also detected the first signs of recovery during May, particularly from China due to relaxed restrictions. The group — which is made up of the automotive, racing and applied divisions — saw its pre-tax loss balloon to 133 million pounds ($163 million) from a previous 18 million pounds. The Woking-based company said McLaren Group was "looking at a number of potential financing alternatives, secured and unsecured, of up to 275 million pounds equivalent to strengthen its liquidity position." The figures provide a backdrop to the layoffs and restructuring announced on Tuesday, with more than a quarter of the 4,000-strong workforce to be laid off. The Formula One team, which finished fourth last year, is expected to shed 70 of its 800+ employees although it said this mainly reflects the need to meet Formula One's $145 million budget cap to be introduced next year. McLaren said revenues of its racing division were 4.4 million pounds down on first quarter 2019 due to the reduced prize fund resulting from the Formula One season not starting. That was partially offset by 4.1 million pounds of increased sponsorship, however. Formula One expects to start racing in July, with plans to complete a reduced season of 15-18 grands prix compared to the 22 originally scheduled.   Earnings/Financials Hirings/Firings/Layoffs McLaren Performance

McLaren GT revealed — a luxurious yet superlight supercar

WOKING, England — McLaren's short history as a road car brand leaves it unburdened by emotional baggage carried by its rivals, given a new Ferrari or Lamborghini can only ever riff on a well-understood theme. But McLaren is free to do what it wants, and can react quickly to feedback. The original 12C was criticized as lacking excitement, which later cars addressed with ducted-in engine noise, programmed exhaust pops, the track influenced LT range and, ultimately, the Senna. Hardcore cred established, McLaren is now making an abrupt pivot in the opposite direction with the McLaren GT, its new superlight grand tourer inspired by feedback from customers who enjoyed the more refined approach of the 570GT and taken to new extremes by the Speedtail. Certain McLaren constants are maintained: It has a carbon-tub frame, is accessed via dihedral doors and powered by a familiar twin-turbo V8. Likewise, it's lighter, faster and more driver-focused than anything you might consider an alternative. But for all that, the McLaren GT is a standalone product outside of the established Sport Series, Super Series and Ultimate Series model hierarchy. It's a car McLaren customers said they wanted. Consequently, it's the car McLaren is going to give them. The McLaren GT, in essence, slots a segment below the 720S but uses a version of its torquier 4.0-liter V8, dubbed M840TE and fitted with smaller, faster-spooling turbos for a flatter torque curve. A bassy, more sophisticated engine note is also promised. Its 612 horsepower and 465 pound-feet are mid-pack numbers for McLaren, but don't worry, it'll still break 200 mph and scorch 0-60 in 3.1 seconds and 0-124 mph in 9 seconds flat. At a curb weight of 3,384 pounds wet, it fulfills McLaren's "superlight" descriptor by coming in comfortably lighter than the 911 Turbo S, Aston Martin DB11 and Ferrari Portofino that McLaren sees as rivals. U.S. sales will kick off late summer to early fall, with pricing starting at $210,000 — around $80,000 less than a 720S and more or less in line with a 570S Spider. An image of a Ferrari 250 SWB in a McLaren presentation has folk looking up from their phones, product management boss Ian Digman clearly enjoying the provocation before going back on brand with an image of Bruce McLaren sitting in the road-going M6 GT. His point is clear — true GT cars are lightweight and pure in sporting intent while having enough refinement to rack up fast miles in comfort.

McLaren says it 'is a sports car brand' and won't make SUVs

You can add McLaren to the list of luxury and sports car companies to say it will not build an SUV, the automaker's CEO Mike Flewitt telling Bloomberg, "We need to remain very focused. McLaren is a sports car brand and that's exactly what we're going to remain." In spite of those words, in order to save his voice, Flewitt should get business cards made printed with that response, since the question will certainly keep being asked. And if the coming Lamborghini and Bentley SUVs do well, observers will expect Flewitt's ideas on the subject to "evolve," no matter what he or Ron Dennis says publicly. The evolution we refer to has taken place at BMW, which was never going to make a M version of its SUVs, and Porsche, which said it wouldn't make an SUV smaller than the Cayenne. Furthermore, there's Rolls-Royce, whose CEO said the company hadn't even considered an SUV because it wouldn't fit the brand's values, meanwhile rumors abounded that the company was gauging customer reaction to a sketch of a concept SUV adorned with the Spirit of Ecstasy. And five months later that same CEO said the company was "intesively thinking" about building one. Those are but few and recent examples. If McLaren doesn't waver, it will join Ferrari as the only pure-sports car company holdouts. Featured Gallery 2015 McLaren P1: First Drive View 39 Photos News Source: BloombergImage Credit: Copyright 2014 AOL McLaren Performance Mike Flewitt