Sales of British supercars increase

Posted by Arron Dickens in Personal Finance on 11 October 2013 - Arron is a Product Manager at checkmyfile

The supercar maker McLaren is looking to expand and take on the likes of Ferrari and Lamborghini, as it sees sales increase quite dramatically in the past two years.

In 2011 the company sold a total of 400 cars, with 1,587 purchased already this year. The long term aim is to sell between 4,000 and 4,500 annually, which are likely to increase its market share of the luxury car market quite significantly.

Ferrari currently produces around 7,000 cars a year, but is backed by its parent company Fiat, the fourth largest car producer in Europe.

McLaren has increased the number of employees from only 200 to almost 1,000 and has invested £68m in research and development. It has also restructured debt and issued shares, in order to massively cut interest payments and increase net assets by as much as £200m. This gives the company a much more solid footing in order to transform the company from a niche ‘technology’ company to a more prominent luxury car maker.

"This year will be a break-even year for us," says Ben Heatley of McLaren.

This is quite a turnaround from losses in 2012 totalling almost £60m and only three years on from its global launch in 2009. The main aim of the company appears to be an increased presence in Asian markets, with franchised dealerships planned in 80 cities across the continent. McLaren opened its first dealership in China last month, with four others due to open by the end of 2013.

The cars being produced are winning lots of praise from the motoring press, as well as celebrity endorsement. David Beckham was recently seen in his McLaren in Beverley Hills, with car enthusiast and talk show host Jay Leno, on the waiting list for the next generation McLaren P1.

The McLaren P1 will be the fastest car ever produced in Britain, with a top speed of well over 200mph and a price tag of well over £750,000. I might wait to see if there are any reliability issues before I go ahead and order one myself.

Arron Dickens is a Credit Analyst at checkmyfile and has a Bachelor of Arts degree in Business Administration and is an Associate of the Institute of Credit Management. He can be contacted at arron.dickens@checkmyfile.com.

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