McLaren Finally Makes Money After P1 Hypercar Sells Out
McLaren Automotive posted profits for the first time in company history in 2013.
McLaren Automotive, sister company to McLaren's highly successful Formula One team, was buoyed by booming sales of its megabuck P1 hypercar.
Though the company has not yet released detailed financial figures, McLaren Automotive Chief Executive Mike Flewitt did tell The Guardian that the automaker reached profitability a year earlier than expected.
"We expected to break even in 2013 but we actually made a small profit so we're slightly ahead. It's a very significant development," Flewitt said.
In a span of just 8 months, McLaren sold all 375 P1s to be produced at a cool $1.4 million per car. A company spokesperson told BBC's Top Gear that even though all 375 cars have been "accounted for," a waiting list of determined buyers is growing in length. At last count, that list was at 51 customers and rising.
Flewitt admitted that he was tempted to extend the P1's production run, but resisted the urge to do so because he believes part of what makes this car special is its rarity. "I committed to 375 (cars). There are days I regret that now, but part of the demand is driven by the exclusivity," Flewitt said.
The McLaren P1 is the company's latest follow-up to its legendary McLaren F1 of the 1990s. The P1 features a 3.8 liter twin turbocharged V-8 coupled with an electric motor to produce 903 horsepower. Both motors combine to push the 3075 lb. car to an electronically limited top speed of 217 mph.
The McLaren hypercar also features a bevy of technology derived from its Formula One race cars including Instant Power Assist System (IPAS) and Drag Reduction System (DRS). IPAS allows the driver to order up an extra burst of power from the electric motor to aid acceleration, while the DRS reduces aerodynamic drag on command to increase straight line speed. Drivers are able to control both systems via steering wheel mounted buttons.
McLaren Automotive, which was initially established in 1989 as McLaren Cars to build the F1, is headquartered at the McLaren Technology Center in Woking, Surrey, England.