McLaren to expand production after becoming profitable

McLaren Automotive plans to expand production after moving into profit for the first time, the company said on Wednesday.

Based in southern England, the luxury carmaker, whose main shareholder is Bahrain’s Mumtalakat investment fund, was launched in 2010 as a sister company to the Formula One motor racing team with which it shares a brand and overlapping technologies.

Its expansion plans are likely to bring it into closer competition with luxury car brands such as Porsche, Audi and Aston Martin as well as current rivals Ferrari and Lamborghini.

The company reported pretax profit of 4.5 million pounds ($7.5m) in 2013 on turnover of 285 million pounds.

McLaren is producing only eight cars a day at present at its factory in the town of Woking in UK. It now plans to more than double production to 4,000 per year once it launches its new two-seater sportscar which will be priced 115,000-135,000 pounds.

McLaren’s most expensive P1 supercar sells for 866,000 pounds ($1.45m) and the company has said it will make only 375 of them – for which it has already taken orders.

McLaren 650S Spider