- McLaren Automotive has been sold by Bahrain sovereign wealth fund
- Buyer is Abu Dhabi-owned investment consortium
- Deal likely paves way for first McLaren EV
CYVN Holdings, an investment consortium owned by the Abu Dhabi government, has agreed to purchase 100% of McLaren Automotive, the supercar business of McLaren Group.
The news was confirmed on Tuesday in a joint statement by CYVN and McLaren Group owner Bahrain Mumtalakat Holding Company, the sovereign wealth fund of fellow Gulf country Bahrain.
CYVN will also purchase a non-controlling stake in McLaren Group as part of the deal. Terms of the deal weren’t announced.
Bahrain Mumtalakat bought out the remaining shareholders of McLaren Group in March to become the company’s sole owner. Bahrain Mumtalakat said at the time that the move would make it easier to attract new investment by simplifying the ownership structure of McLaren Group, which also oversees the McLaren Formula 1 team.
McLaren headquarters in Woking, U.K.
McLaren Group has been struggling financially since the pandemic. The company has survived on additional funding from existing investors, as well as taking some more extreme measures, like selling historic cars and selling its headquarters in a sale-and-lease-back deal.
The new deal will help provide necessary funding, including paving the way for McLaren to add electric vehicles to its portfolio. In their statement, Bahrain Mumtalakat and CYVN said the deal will benefit McLaren Automotive by providing access to CYVN’s engineering resources and technology, “particularly in the field of electric vehicles.”
CYVN is already a major investor in Chinese EV brand Nio. It also in July acquired the EV division of Gordon Murray Group, and is working to establish its own EV brand Forseven.
McLaren Automotive CEO Michael Leiters has said on multiple occasions that the technology to deliver a lightweight electric supercar that can also deliver a decent stint on the racetrack won’t be ready before 2030. However, the company is also open to models in segments beyond supercars, which is likely where it will first launch an EV. A potential avenue is an SUV, a body style McLaren is currently exploring.