McLaren looks to India to expand exotic car sales ahead of 2025 IPO
In lieu of a potential initial public offering (IPO), British automaker McLaren Automotive is looking to expand sales in the Asian markets while focusing more on hybrid cars.
According to a report in Reuters, Mike Flewitt, CEO of McLaren, said that demand in the US as well as in the Asian markets outside of China still remains strong. The company is planning to open dealerships in the Philippines, Vietnam and later on, in India and Russia as well.
“The next big ones are India and Russia. We’re not in either and probably should be,” he said.
Pointing to the uncertainty towards Brexit, Flewitt said demand and sales of its carbon fibre and aluminium sportscars have been falling in UK which is its largest market. These cars usually start at about $ 200,000 in the United States.
In the past, Flewitt spoke of considering an IPO in 2025, after all parts of the McLaren group are generating cash. Profitability plays a part in the company’s decision, he said, adding that fully electric cars are not McLaren’s priority yet. At the moment, solid-state battery technology needs to improve and become ready for commercial use.
“Nobody is out there making money with electric cars. We can do what we need to do with hybrids,” Flewitt said.Are you happy with your current monthly income? Do you know you can double it without working extra hours or asking for a raise? Rahul Shah, one of the India’s leading expert on wealth building, has created a strategy which makes it possible… in just a short few years. You can know his secrets in his FREE video series airing between 12th to 17th December. You can reserve your free seat here.