ENDING A dazzling era of success as boss of McLaren Racing, Ron Dennis will be throwing his tremendous energy and attention to detail behind a new range of road cars.
Last Thursday, flanked by McLaren Automotive managing director Antony Sheriff and non-executive director of McLaren Group and McLaren Automotive Richard Lapthorne, Dennis outlined the firm’s ambitious plans for not just a new car, but a new car company.
McLarens mid-engined car – codenamed P11 – will be ready for production in 2011. A competitor for Ferrari’s F430 replacement and the Lamborghini Gallardo, the car is expected to start at around €100,000 (plus local taxes). Despite a brief unveiling, technical details remain scant; the focus was instead on the business model behind the new project that will eventually include a range of cars and annual production levels in the region of 4,000 cars.
Launching the company during a recession might not seem like the best idea but Dennis says it “is strategically a good move”. That’s assuming the current economic crisis eases by the time McLaren’s supercar reaches its dealers. Dennis says the financial viability of the project has been researched and the new car will compete on quality, performance, safety and practicality. Profitability, too, says Dennis adding that the £250 million sought from investors would ensure the project runs debt-free.
Along with the assembly of an initial development team, the P11 will require a new production facility, creating 500-800 skilled jobs in the UK.
The two-seater sports car was designed by Frank Stephenson (previous cars include the BMW MINI and BMW X5 and involvement in Maserati’s MC12 and Quattroporte and the Ferrari F430). Its styling is influenced by its F1 predecessor, a car still regarded as the ultimate supercar.
If the P11 succeeds, Dennis expects it to double the size of McLaren in three to five years, creating the growth that both he and his shareholders so desperately seek.
With his track record and the team he has assembled, few are likely to bet against him.