McLaren Automotive is set to merge with British electric vehicle start-up Forseven – one of the biggest changes in the company’s 62-year history. The merger aims to expand McLaren’s model range beyond its traditional mid-engined supercars, potentially helping them produce SUVs and other vehicle types.
The merger is facilitated by CYVN Holdings, an Abu Dhabi government-backed investment company that recently acquired McLaren’s automotive division and a minority stake in its Formula 1 team. CYVN also supports Forseven and Chinese EV maker Nio, giving McLaren the opportunity to leverage advanced EV technologies.
Nick Collins, former Jaguar Land Rover executive and current CEO of Forseven, will lead the newly formed McLaren Group Holdings.
The merger comes after McLaren faced financial losses over the past five years and sought partnerships to secure new funding and develop new models. Joining up with Forseven is expected to provide the money, technology, and resources necessary for McLaren to expand its product range and compete better with brands like Ferrari, Lamborghini, Aston Martin, and Bentley.
The newly formed group plans to continue manufacturing sports cars in the UK, with potential expansion into other vehicle categories. Further details on McLaren’s future product strategy are expected later this year.
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