McLaren to boost production

McLaren Automotive is set to expand production after making a profit for the first time. Based in England, it was launched as a sister company to the Formula One motor-racing team. Its expansion plans are likely to bring it into closer competition with luxury car brands such as Porsche, Audi and Aston Martin, as well as current rivals Ferrari and Lamborghini. READ: Inside Auckland's McLaren dealership The company’s main shareholder is Bahrain’s Mumtalakat Investment Fund, which reported a pre-tax profit of NZ$8.82 million on revenue of $563. “These results show we have established a profitable long-term business,” says Mike Flewitt says, chief executive of McLaren Automotive. The company is aiming for annual revenue of almost $2 billion after it has expanded production by launching a cheaper sports car, which should be available by the end of next year. McLaren produces eight cars a day at present from its factory in Woking. It plans to more than double production to 4,000 units per year when it launches its new two-seater sports car, which will be priced at about $227,000.