McLaren unveils first quarter financial results

McLaren unveils first quarter financial results

May 30, 2020 0 By autotimesnews

McLaren on Saturday, May 30, published financial results for the first quarter of this year.

According to The Financial Times, the British automaker in the first quarter suffered a loss of £ 133 million, although over the past year, losses amounted to £ 24 million. In turn, revenue fell to £ 109 million.

  For the first quarter, McLaren sales totaled only 307 cars, while in the same period last year the company was able to sell 963 cars. Obviously, coronavirus has undermined demand for British-made cars.

 “We quickly responded to this by taking steps to cut costs and strategically reorganize the organization, focusing on proven and fast-growing revenue streams,” McLaren said in a statement to investors. “At the moment, we are gradually restoring the production of cars and are going to return to the track, as Formula 1 is preparing for a summer restart.”

 The British manufacturer is also going to cut costs by £ 200 million this year. The company also noted that they could raise finance up to £ 275 million to maintain their position.

According to representatives of McLaren, they expect sales in the second quarter, similar to the first quarter, while they forecast sales growth in the second half of this year.

In addition, the McLaren 600LT Spider final series was previously demonstrated. The circulation of this series will be only 12 copies.