McLaren Reveals Plans to Create 15 New Models in Six Years
McLaren has revealed further details of its Track22 business plan, so-called because it will take the luxury sportscar manufacturer through to 2022.
Company bosses have reiterated a commitment to invest 20-25 per cent of turnover in R&D for future products and technology. Over the six-year business plan period, this will represent an investment of £1B and will lead to the launch of 15 all-new cars or derivatives. Of these cars, at least 50 per cent will feature hybrid technology by the end of the business plan period and the company says it is also in the early prototype stages of the development of a fully-electric powertrain to evaluate its possible use in a future generation of an Ultimate Series car.
The news comes as McLaren is celebrating the fifth anniversary of the first car rolling off the production line with a record-breaking year. Operating profits increased to £23.5M – the company’s third successive year of profitability – from revenues of £450.6M, with revenue projected to increase by 50% over the next two years and double by the end of 2022. 2015 also marked the fifth successive year of increasing global car sales to 1,654 cars, supported by the launch of no less than five new models.
2015 was also another year of investment with a total amount of £123.9M spent on R&D. Similar levels of investment in previous years spawned, in 2015, a total of five new cars and the establishment of the three-tier product family – Sports Series, Super Series and Ultimate Series.
It was also a transition year with the final McLaren P1 produced at the same time as the start of production of the new Sports Series models.
“The launch of the Sports Series opens McLaren up to an entirely new audience and will be pivotal in developing our sales volumes from the 2015 levels of 1,600 to nearly triple that number by 2020. For this to be achievable, we need to remain profitable but also continue to invest in our future product portfolio,” said McLaren CEO, Mike Flewitt. “In 2015, this amounted to £124M, nearly 30% of revenues. This level of commitment to investing in future products is core to our business strategy, as highlighted by the recently-announced Track22 business plan that commits us to investing £1B in research and development, delivering no less than 15 all-new cars or derivatives by 2022.”