An Abu Dhabi-based investment firm has entered a non-binding agreement to buy 100% of McLaren’s automotive business, including a stake in the McLaren Group. The purchase goal is to bring additional capital to McLaren to accelerate its growth in vehicle development, particularly in electric vehicle technologies. If approved, could McLaren become the next supercar developer to go all-electric?
McLaren Automotive is a British luxury automaker specializing in super-fast sports cars and Formula One racing technologies. The company has been rooted in racing since it built the M1 back in the mid-1960s before spinning out as a standalone passenger vehicle manufacturer in 2010.
During its tenure in motorsports, McLaren has made a name for itself on roads and tracks by delivering sleek and speedy vehicles, particularly in the last six years. However, that lineup has consisted almost entirely of combustion vehicles, apart from the hybrid V6 Artura, which debuted in 2020.
This past April, Mumtalakat, the sovereign wealth fund of the Kingdom of Bahrain, wholly acquired McLaren Automotive and the McLaren Racing Formula One team. However, an additional government fund called CYVN Holdings has shown interest in the automaker and has signed on to take the reigns and hopefully bring McLaren into the all-electric era.
The 600LT combustion models / Source: McLaren
CYVN could help McLaren reach 2030 electric goals
As reported by Reuters, CYVN Holdings has entered into a non-binding agreement with Mumtalakat to purchase 100% McLaren Automotive. The agreement also includes a non-controlling stake in the larger McLaren Group umbrella.
Other details remain light at this point, but CYVN appears poised to shell out significant funding to grow McLaren’s passenger vehicle business and looks to do so by developing and selling all-electric models. Per a joint statement from CYVN and Mumtalakat:
This transformative investment by CYVN Holdings would bring access to additional capital, advanced engineering expertise and pioneering technology, particularly in the field of electric vehicles.
CYVN Holdings is currently the largest shareholder in Chinese EV automaker NIO Inc. ($NIO) and could bring some of its expertise in that segment to McLaren’s business model. CYVN stated that McLaren could benefit from the Abu-Dhabi-based firm’s “broad cross-industry experience.”
We will have to wait and see if the non-binding purchase agreement comes to fruition, but if it does, we will likely see all-electric McLaren models emerge. This is especially true since the British automaker previously vowed to pivot toward EVs and cease the development of ICE models by 2030, but that promise was made long before Mumtalakat or CYVN were involved.
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Following approval from Transport Canada, EV startup Workhorse will be bringing the W56 and W750 model electric delivery vans to commercial truck dealers in Canada as early as this spring.
“This is a major step forward for Workhorse,” says Josh Anderson, Workhorse’s chief technology officer in a press statement. “Pre-clearance from Transport Canada opens up a large new market for our products throughout Canada, including with fleets that operate across borders in North America.”
Despite that uncertainty, Workhorse execs remain upbeat. “We’re excited that our electric step vans can now reach Canadian roads and highways, providing reliable, zero-emission solutions that customers can depend on,” added Anderson.
Canadian pricing has yet to be announced.
Electrek’s Take
FedEx electric delivery vehicle; via Workhorse.
There’s no other way to say it: the Trump/Musk co-presidency is disrupting a lot of companies’ plans – and that’s especially true across North American borders. But in all this chaos and turmoil there undoubtedly lies opportunity, and it will be interesting to see who ends up on top.
The new Liebherr S1 Vision 140-ton hauler is unlike any heavy haul truck currently on the market – primarily because the giant, self-propelled, single-axle autonomous bucket doesn’t look anything like any truck you’ve ever seen.
Liebherr says its latest heavy equipment concept was born from a desire to rethink truck design with a focus only on core functions. The resulting S1 Vision is primarily just a single axle with two powerful electric motors sending power to a pair of massive airless tires designed carry loads up to 131 tonnes (just over 140 tons).
The design enables rapid maintenance, as important components easily accessible for quick servicing. Wear parts can be replaced efficiently, and the electric drive significantly reduces maintenance work. This helps to minimise downtimes and increases operational efficiency.
LIEBHERR
Because of its versatility, durability, and ability to perform zero-turn maneuvers that other equipment simply can’t, the Liebherr S1 Vision can be adapted for various applications, including earthmoving, mining, and even agriculture. There’s also a nonzero chance of this technology finding applications supporting other on-site equipment through charging or fuel delivery.
The S1 accomplishes that trick safely with the help of an automatic load leveling system that ensures maximum stability, even on bumpy or rough terrain. The company says this technology significantly reduces the risk of tipping while providing smooth and secure operation across various environments.
The HD arm of Hyundai has just released the first official images of the new, battery-electric HX19e mini excavator – the first ever production electric excavator from the global South Korean manufacturer.
The HX19e will be the first all-electric asset to enter series production at Hyundai Construction Equipment, with manufacturing set to begin this April.
The new HX19e will be offered with either a 32 kWh or 40 kWh li-ion battery pack – which, according to Hyundai, is nearly double the capacity offered by its nearest competitor (pretty sure that’s not correct –Ed.). The 40kWh battery allows for up to 6 hours and 40 minutes of continuous operation between charges, with a break time top-up on delivering full shift usability.
Those batteries send power to a 13 kW (17.5 hp) electric motor that drives an open-center hydraulic system. Hyundai claims the system delivers job site performance that is at least equal to, if not better than, that of its diesel-powered HX19A mini excavator.
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To that end, the Hyundai XH19e offers the same 16 kN bucket breakout force and a slightly higher 9.4 kN (just over 2100 lb-ft) dipper arm breakout force. The maximum digging depth is 7.6 feet, and the maximum digging reach is 12.9 feet. Hyundai will offer the new electric excavator with just four selectable options:
enclosed cab vs. open canopy
32 or 40 kWh battery capacity
All HX19es will ship with a high standard specification that includes safety valves on the main boom, dipper arm, and dozer blade hydraulic cylinders, as well as two-way auxiliary hydraulic piping allows the machine to be used with a range of commercially available implements. The hydraulics needed to operate a quick coupler, LED booms lights, rotating beacons, an MP3 radio with USB connectivity, and an operator’s seat with mechanical suspension are also standard.
HX19e electric mini excavator; via Hyundai Construction Equipment.
The ability to operate indoors, underground, or in environments like zoos and hospitals were keeping noise levels down is of critical importance to the success of an operation makes electric equipment assets like these coming from Hyundai a must-have for fleet operators and construction crews that hope to remain competitive in the face of ever-increasing noise regulations. The fact that these are cleaner, safer, and cheaper to operate is just icing on that cake.