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McLaren looks to Asia and hybrid cars as next steps toward IPO

DETROIT — British exotic sports car maker McLaren Automotive will bank on expanded sales in Asia and a new generation of hybrid cars as it steers toward a potential public offering, the company's chief executive said on Tuesday. "We need to put more cars into Asia," McLaren CEO Mike Flewitt said in a meeting with reporters in Detroit. Sales of McLaren's carbon fibre and aluminium sports cars, which start at about $200,000 in the United States, have fallen in the United Kingdom, its largest market. Flewitt said that reflects uncertainty over Brexit. Demand in the United States and in Asian markets outside of China remains strong, he said. McLaren plans to open dealerships in Vietnam and the Philippines, Flewitt said. "The next big ones are India and Russia. We're not in either and probably should be." Flewitt has said in the past that the owners of the McLaren Group, led by Bahrain's sovereign wealth fund, are considering an initial public offering by 2025. An IPO will likely come after all parts of the group, including McLaren Racing and a unit that markets technology, are generating cash, he said on Tuesday. Exotic sports car makers have a mixed record on public markets. Ferrari NV <RACE.MI> has been one of the auto sector's best-performing stocks, up 68% this year. However, British premium sports car maker Aston Martin Lagonda Global Holdings <AML.L> has suffered a 59% decline. McLaren sold about 4,800 cars in 2018, and is on track for a slightly lower number in 2019, Flewitt said. An important piece of McLaren's expansion strategy will be unveiled next spring — a hybrid car with a new architecture under the skin. However, McLaren does not plan to follow its rivals into the SUV market. "We couldn't afford to do it," Flewitt said, adding, "it just doesn't fit the brand." By 2024, McLaren will have additional production capacity coming online to increase sales to 6,000 cars a year — if the company can hit that volume without sacrificing profit margins, Flewitt said. Profitability plays a role in McLaren's decision, so far, not to develop an all-electric car, Flewitt said. Eventually, the super car niche will go electric, but for McLaren that will have to wait for lighter, lower-cost, solid-state batteries to be ready for commercial use, he said. "Nobody is out there making money with electric cars," he said. "We can do what we need to do with hybrids." Green McLaren Performance

F1 to offer track rides with Alonso, Verstappen, Hakkinen

It's not often that a Formula 1 fan gets to experience what an F1 track feels like from the point of view of a racing driver. An in-car camera just goes so far, and tracks are not always open for the public, or even for track days. Now, a special Hot Laps program announced by Formula 1 and Pirelli means some lucky participants are able to take part in ridealongs on the same F1 tracks where all the racing action happens. The first two manufacturers that have announced their participation are Aston Martin and McLaren, and as a result the Vantage and 720S will be used in the program. More car manufacturers have reportedly signed up, and they will be named in the near future. The first Hot Laps will be driven at the 2018 Bahrain GP. The best is still to come. The professional racing drivers that have enlisted for the Hot Laps program are Daniel Ricciardo and Max Verstappen for Aston Martin, and the McLarens will be driven by Mika Hakkinen, Lando Norris, Fernando Alonso and Stoffel Vandoorne. Imagine being taken for a ride by such wheelmen! Just doing a grocery run with Alonso behind the wheel would probably be exciting enough, let alone getting a track experience. Of course, the one thing that hasn't yet been mentioned is the price. We can't imagine a lap can be very modestly priced in this case, but it will sure be a once-in-a-lifetime thing. Unless you can afford two laps, that is. Related Video: Motorsports Aston Martin McLaren Luxury Performance Pirelli Max Verstappen lando norris

Jenson Button expected to announce F1 retirement

One of the biggest question marks looming over the Formula One paddock has been over what will become of Jenson Button. The former world champion has struggled to perform of late, and as one of the oldest drivers on the grid, is nearing the end of his career. And according to the Daily Telegraph, he's about to announce his retirement. Button has been on the grid every season since his debut with Williams in 2000. But as his current team McLaren has fallen off pace, so has Button – particularly as both struggle to work out the kinks in the new Honda engine package. And unlike Benjamin Button, he's not getting any younger. With the benefit of his own considerable experience, Button won out over his previous teammate Kevin Magnussen to keep his race seat after Fernando Alonso arrived in Woking. But while he's enjoyed Honda's support, team principal Ron Dennis has reportedly turned sour on Button's staying with the team, preferring to promote a younger driver in Button's place. Rather than leave it up to the team to decide, however – or seeking a drive with another team – word has it that Jenson is preparing to go out on his own terms, and is set to announce his retirement at the Japanese Grand Prix this weekend. Button's departure would leave two questions open: For one, what will he do next? And for another, who will McLaren hire to fill his racing shoes? For Jenson's part, he could end up combining a drive at Le Mans with a television career. He's been linked to talks with Porsche, where other experienced F1 drivers like Mark Webber and Nico Hulkenberg have found success. But sources also point towards a potential Rallycross drive, and we wouldn't be terribly surprised to see him compete in GT racing for McLaren or the Super GT series for Honda. Affable and skilled in working behind the camera, Button has also been linked with potentially joining Chris Evans on the new cast of a rebooted Top Gear. As for McLaren, it has two emerging talents in reserve. One is the aforementioned Danish driver Kevin Magnussen, who raced for the team last season but was told to wait in the wings. After winning the pivotal Formula Renault 3.5 title in 2013, Magnussen impressed with a second-place finish on his F1 race debut in Australia last year. He could, however, accept a race seat with another team for next season rather than wait (as Button had to) for McLaren to make its decision.