McLaren Automotive CEO Mike Flewitt with the company’s 10,000th carEnlarge Photo
McLaren Automotive, the road car business of the McLaren Technology Group, which also controls the McLaren Formula One team, could follow in the footsteps of close rival Ferrari and launch an initial public offering.
The information was revealed by the supercar manufacturer’s CEO, Mike Flewitt, in a recent interview with The Times. It comes just a month after it was reported that Aston Martin was considering doing the same.
“The more successful we become, the more attractive we become to people who want to invest,” Flewitt said. “I still think a public float of this business in three to five years is a better route.”
Half of the McLaren Technology Group is owned by the Bahraini government, with Saudi businessman Mansour Ojjeh and Ron Dennis each owning a 25 percent stake. According to Flewitt, the owners have received offers for McLaren Automotive but aren’t ready to sell yet. Ron Dennis in 2016 was keen to sell the whole McLaren Technology Group but disagreements with the other owners led to his ouster as Chairman and CEO. He remains a member of the board.
McLaren Automotive in its current form was only established in 2011, with its first model being the 12C. In 2016, the company delivered 3,200 cars and returned its fourth-straight year of profits. The longer term goal is to get annual deliveries up to 4,500 units, close to half what Ferrari is currently targeting.