- After Mumtalaket took over McLaren Group in March, the automotive division already has a new owner.
- CYVN Holdings out of Abu Dhabi has entered a non-binding agreement to take over McLaren Automotive.
- The new owner will bring additional funds and expertise, “particularly in the field of electric vehicles.”
Mumtalaket, the sovereign wealth fund of Bahrain, purchased the McLaren Group earlier this year. That gave the company full ownership of the struggling British supercar maker and its racing subsidiary. But as of today, McLaren’s automotive arm already has another owner.
CYVN Holdings out of Abu Dhabi has entered a non-binding agreement to take 100 percent ownership of McLaren Automotive. If the deal goes through, it would be the brand’s second owner in less than seven months.
As part of the new deal, CYVN Holdings would also acquire a non-controlling stake in the larger McLaren Group, which also includes the racing division. The two companies will “explore a potential partnership” with a renewed focus on electric vehicles.
“This transformative investment by CYVN Holdings would bring access to additional capital, advanced engineering expertise, and pioneering technology, particularly in the field of electric vehicles,” Mumtalakat noted in a statement.
Former Ferrari CTO Michael Leiters took over as CEO of McLaren Automotive in 2022, and the company has since launched the hybrid Artura sports car, the 750S supercar, and the W1 hypercar—the P1’s replacement.
Leiters has been vocal about McLaren’s struggles, noting that the company had “non-mature products” prior to his arrival. The new CEO called for a stop to Artura sales in 2023 after the sports car experienced quality issues early on.
The company will continue to expand its offerings under new ownership. Previously, McLaren had hinted at a front-wheel-drive sports car and even an electric SUV. We’ll have to wait and see if either of those becomes a reality.