DERBEN LIMO
McLaren sells historic cars to raise cash to fund Artura upgrades
Cash-strapped McLaren Holdings Ltd. recently sold part of its prized collection of vintage cars to Bahrain's sovereign wealth fund, Mumtalakat Holding Co., to raise capital.
McLaren said earlier this week during its third-quarter earnings that the supercar maker was forced to seek an infusion of cash after identifying "certain technical improvements" to its Artura hybrid supercar that led to delivery delays. The company said its largest shareholder, in which Mumtalakat holds a stake of around 60%, has agreed to back the company with an additional £100m ($123m).
A spokesman for McLaren confirmed the sale of some heritage vehicles to the company's main shareholder in return for an infusion of cash, without going into details of the cars sold.
McLaren's legacy vehicles boasts 54 rare Formula 1 racing cars and F1 supercars, according to its 2021 annual report. The same report claims that the company sells cars from its collection from time to time.
“We are in active discussions with all shareholders about a recapitalization of the group,” McLaren said on the call, noting that the additional funds will not be enough. He is also continuing talks for potential partnerships.
McLaren reported a loss of £203m in the nine months to September, compared with a loss of £69m a year ago. Liquidity at the end of the third quarter was down to £87m, down from £171m.
The British brand has sought emergency funding several times in recent years from shareholders amid long delays in launching Artura. The latest round of fundraising comes just months after its shareholders, which also include investment firm Ares Management Corporation and the Saudi Arabian Public Investment Fund, donated £125m via convertible preference shares.
The Volkswagen ID.3 has been updated with new infotainment
The Volkswagen ID.3 electric vehicle will receive its first round of updates in spring 2023. Largely developed for the European market, the first member of the growing family of ID-branded electric vehicles will receive an updated exterior infotainment system.
Volkswagen is keeping the hatchback's new look for now, but donating now, linked to letters sent back from early customers. "We have matured and we have modernized the raw materials inside," emphasized Imelda Lappi, member of the company's board of directors. The graphic preview (pictured) indicates that the visual updates include a redesigned front bumper.
The Volkswagen electric car was the smallest and least expensive. Tell us about the luggage compartment floor for removal, and the center console with two cup holders will also be standard.
USA, and ... . We sure hope so, Identity Clan Story.
Find out if you learn know how to know 3 grow and how to grow. As of this writing, the model's rendering Volkswagen previously hinted at the ID.3 convertible and 329-hp hatchback.
The 2023 Chevy Montana is a small pickup truck for Brazil
While the Ford Maverick and Hyundai Santa Cruz are the two trucks that are really sold in the United States, other markets have a wide variety of pickups. In Brazil, the latest model will be the 2023 Chevy Montana. And it's such a sharp little thing we can't help but wonder if it could somehow end up here.
The press release was a little light on the mechanical details, but the Montana is based on the same platform as the Chevy Onix sedan and hatchback, and the Chevy Tracker crossover. Don't confuse the Track with the old Suzuki-based SUV. The Montana was derived from the Chevy Tracker, which, while slightly similar in size and shape to the recently revealed 2024 Trax, is based on a different platform (Montana on GEM and Trax on VSS-F). According to Chevy, the truck was developed by GM's technical centers in South America, North America, and Asia.
Being Tracker-based, the Montana must have MacPherson strut front suspension and a torsion beam rear end. There's only one powertrain option: a turbocharged 1.2-liter three-cylinder that makes 133 horsepower and 155 pound-feet of torque. It is paired with a six-speed automatic and front-wheel drive. And while the platform may differ from the Trax's, this powertrain is largely the same. According to Chevrolet of Brazil, the Montana has received a variety of structural reinforcements to handle truck duty, and the payload appears to be nearly half the truck's weight. We imagine that would be somewhere around 1,500 pounds, assuming the truck weighs around 3,000 pounds, more or a few hundred.
The truck is quite small. It is a foot shorter than the Maverick and Santa Cruz. Chevy hasn't given the length of the bed, but it looks fairly usable. Chevy also offers two-panel splits that can reconfigure as a bed shelf or as dividers. Lots of small and small hooks, as well as the house of coordination. Also includes covers.
With the enormous popularity of the Ford Maverick, and even the Ram looking at pickups, it's hard to imagine Chevy not considering bringing something like the Montana to the States, if not literally not owning this truck.
