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McLaren’s £1 billion investment

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McLaren is one of the most famous names in Formula One, with eight constructors’ championships and 12 drivers’ championships to their name. Their involvement in the sport provides benefits for the supercar side of their business, pioneering new technologies that find their way to their vehicles. With F1 three years into its exploration of hybrid technology, the company is plotting ambitious moves to expand their off-track business.

McLaren Automotive recently released their new six year strategy to set out how they plan to expand over the coming years. It is known as Track 22 and will see a huge investment to produce up to fifteen new vehicles or upgraded versions of existing models. The strategy will involve investments worth up to £1 billion and the recruitment of up to 500 new staff.

Around a quarter of the investment is expected to be given to research and development. McLaren is looking to introduce hybrid power into at least half of their vehicles, using the knowledge and technology they gain from Formula One. They will also be developing an entirely electric prototype vehicle. The idea is to position this so it can compete with established names like Tesla.

McLaren Automotive currently employs 1,500 people in the UK to produce around 1,600 vehicles each year. Track 22 will hopefully see this number rise to around 5,000 with the number of new models that will be on offer. The higher production will require more staff at their Woking facility. This will create approximately 500 motor trade jobs, many of which will give people the opportunity to work with the most cutting edge technology.

Ultimately McLaren hopes that the £1 billion investment will help them to transform their customer base. They currently produce high value supercars including the £1 million P1. Their new models will be more diverse and target buyers at different price brackets. The plan is to lower the average age of buyers and offer vehicles that can compete on price with Ferrari, Porsche and other brands.

McLaren’s strategy is further evidence of the strength of the UK automotive industry and the growing demand from British-made vehicles. We remain at the forefront of professional recruitment for this exciting industry.