Source: McLaren

Supercars automaker McLaren, is advancing towards launching high-end SUVs and sedans as part of a plan devised by its new owner CYVN Holdings LLC, a growth equity investor group owned by the Abu Dhabi government.

CYVN acquired McLaren Automotive for an undisclosed amount last December, giving CYVN 100% controlling interest on the automotive division and a non-controlling stake in the company’s F1 division.

According to Bloomberg, McLaren has long faced financial pressures, and CYVN is attempting to turn things around.

Anticipated merger with Forseven

Sources also revealed that CYVN plans to merge McLaren with its UK electric vehicle startup subsidiary Forseven in the coming weeks.

Not much is known about Forseven aside that is claims to be a British luxury car brand, but has not yet announced specific models or launch plans.

The merger would aim to leverage McLaren's brand influence and create a new series of electric vehicles. Meanwhile, McLaren will continue to produce supercars.

Source: Automotive Daily

Nick Collins, who previously served as the Programme Chief and Board Member at Jaguar Land Rover (JLR), is the current CEO of Forseven Limited and will lead the company post-merger.

He contributed to the development of the current Range Rover, Discovery, and Defender models and also played a key role in the development of future electric Jaguars and high-performance Range Rover SV models.

Nick was also appointed by CYVN on the board of NIO since February 7, 2024, alongside Eddy Georges Skaf, CYVN’s Chief Investment Officer.

McLaren's current CEO Michael Leiters will remain in charge of the brand's automotive business.

As one of the UK's most renowned sports car brands, McLaren has repeatedly sought financial assistance from shareholders due to the delayed delivery of the Artura model, sold some classic car models, divested its advanced technology department, and revitalized its Woking, Surrey headquarters' assets through sale and leaseback.

Brands like Ferrari, Lamborghini, and Porsche have already launched SUVs to meet market demands, while McLaren has always focused on sports cars.

Former McLaren CEO Mike Flewitt even insisted in 2018 that "there are already enough SUVs; we don't need another one."

However, Mike is now a managing director at Forseven and McLaren’s Michael Leiters confirmed last year that McLaren would enter the SUV market.

Forseven recruited several executives from Lotus after its acquisition by Geely, including Mike Johnstone, who was the commercial director of the Lotus Group, and Conor Horne, who led Lotus Cars' operations in the UK and Ireland.

Johnstone continues as a Commercial Director at Forseven, while Horne has taken on the role of Director of Commercial Readiness.

CYVN and NIO ties

In February 2024, NIO announced a technology licensing agreement with Forseven, and CYVN is also an investor in NIO.

The agreement will grant Forseven with a worldwide license to use certain existing and future technical information, solutions, software, and intellectual property related to NIO's smart EV platforms. This license is non-exclusive and non-transferable

In return, NIO will receive technology license fees, consisting of a non-refundable fixed upfront fee and royalties determined based on future sales of licensed products by Forseven.

Source: NIO

In 2023, CYVN invested a total of $3.3 billion in NIO, becoming the largest shareholder with an approximately 20.1 percent stake in the company.