This is what McLaren did to fund its project Artura
McLaren Artura is one of the most anticipated products from the British supercar brand, which has been delayed several times. A Bloomberg report claims that the extent of the problem for the automaker involving Artura was such that it was forced to sell some exclusive vehicles from its heritage collection in a bid to pay to fix technical issues that were delaying deliveries. The report claims that the car brand communicated the sales of the car collection during its third quarter earning call. The move came from McLaren at a time when the automaker reported a $249 million loss in the first nine months of 2022.
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McLaren didn't disclose what models it had to sell to fuel the Artura project. But, it disclosed in the 2021 annual report that the company had 54 Formula One race cars and supercars in its inventory. Interestingly, it is a common practice for automakers to sell vehicles from their collection from time to time.
The report claims that the buyer of the vehicles was Bahrain's sovereign wealth fund Mumtalakat Holding Co, which holds the largest share in McLaren. The company owns nearly 60 per cent share of the car brand. It reportedly purchased the exotic cars for around $123 million. The automaker said that it sought the money after identifying some technical upgrades that were required for the Artura, which triggered delivery delays.
Initially, the Covid-19 pandemic forced the automaker to postpone the launch of Artura. Also, the US launch of the Mclaren Artura was pushed back in May 2021 due to issues with its software supplier and in December 2021 due to supply chain woes involving the semiconductor chips.
McLaren Artura comes as an exciting supercar with an electrified powertrain. The plug-in hybrid powertrain of the Artura combines a 3.0-litre V6 internal combustion engine with an electric motor. The combined power output of the car is 671 hp.