Want more from Front Office Sports
in your search results?
McLaren, the British carmaker and racing team, announced it will compete in Extreme E, an electric vehicle racing series that tours remote locations.
McLaren Racing will hit the road in 2022 as the 10th team in the five-race series, hoping to broaden its reach and diversify its offerings.
Launched in 2021, Extreme E is gaining momentum as a racing series that promotes climate awareness and sustainable motorsports. Sponsors include clean energy company AFC Energy, plastics biodegrader Poly Materia, and plant-based burger-maker Neat Burger.
The decision to compete in Extreme E follows McLaren’s shift in focus toward motorsports. In Q1 2021, McLaren completed a $261 million strategic investment in McLaren Racing to fully fund its teams through 2023. However, the company is also investing in EVs outside the racecourse.
All new McLaren models will be hybrids by 2026, with plans to get a fully electric vehicle on the road by the end of the decade.
McLaren is one of several car companies embracing the growth of EV:
- Fisker partnered with longtime iPhone assembler Foxconn in February to produce 250,000 EVs annually.
- Aston Martin plans to have 90% of sales be electric or hybrid models by 2030.
- Soccer legend David Beckham purchased a 10% stake in Lunaz Group to help its business convert Rolls-Royces and Bentleys into EVs.
McLaren reported 520 automotive wholesales while generating $260 million in revenue in Q1, an 118% increase year-over-year.
Download the FOS App
The business of sports, in your pocket.
Scan the QR code to get the app now.
