McLaren Is In Serious Trouble
In a new report released by Forbes this week, it has been made clear that the situation is truly dire and that McLaren could go under. The Formula One team has not been performing as well as it used to, and when Ron Dennis stepped down, McLaren had to borrow the $333 million needed to buy Dennis’ shares. This sort of thing isn’t uncommon, but the pandemic seems to have hit the brand at the worst time. Things were looking up at the start of the year, so much so that McLaren had planned to produce less cars to make the brand more exclusive.
However, the $368.8 million that shareholders pumped into the brand to help it scale down had to be redirected because of the global virus pandemic and the obvious negative effect that this had on sales and income. In the first quarter of 2019, McLaren had sold 953 cars, but in the same period this year, just 307 left dealership floors. The problem was compounded by the fact that McLaren has 60 days to pay suppliers from the date of invoice, and now the chickens have come home to roost.
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