24/08/2022
Welcome McLaren!
McLaren is all set to enter the luxury segment in Indian markets.
McLaren said it has selected Infinity Cars, which also distributes brands including BMW, Lamborghini, Porsche and Ducati, as its first retail partner in India.
It's Mumbai outlet is set to open in October.
Possible reasons for entering the Indian market as pointed by Vikash Thakur on Linkedin:
1. Change in Management: Mike Flewitt stepped down from CEO of McLaren Automotive and Michael Leiters appointed as the CEO from 1st July 2022
2. Change in world outlook: The company is looking to enter into a new market and tap new growth opportunities. India is looking very promising considering its performance in luxury car segments lately. Luxury car segments have seen a recent jump in car volumes owing to the pent-up demand.
3. Focus on Hybrid cars: The company is actively exploring a number of BEV partnership opportunities.
4. Shift towards Electrification: The shift towards electrification remains important for the company and the launch of the new model - Artura marks the history in the portfolio. Electrification is on high priority in India shifting toward electric vehicles.
5. Recent Performance: Latest financial numbers show, the company had 21% drop in global turnover in 2021 and 28% drop in global turnover in Q1 2022 compared to Q1 2021 due to weak demand in China, global semiconductor shortage, and supply chain disruption.