McLaren Automotive, the street arm of the British Formula One racing team, has sped into the black, making a profit after only its third year of supercar production.
More dealers around the world and sales of its US$1 million-plus P1 model helped the Woking- based firm to post a pre-tax profit of £4.5 million (Dh27.6m) and an operating profit of £12.4m for last year.
Last year’s turnover was up to £285.4m from £266.6m a year earlier as it delivered 1,359 12Cs and 36 P1s.
It opened 13 new showrooms in the period, including four in China, and plans to add another 20 retailers this year as it expands its global network to more than 100 locations by 2018.
Investment in future models was up slightly to £70.6m. McLaren currently markets five models priced between Dh1m and Dh4.5m and is looking to increase its visibility and volumes with a more affordable version next year codenamed P13.
“We hit a profit in 2013 which was ahead of the time the equity partners and the board thought we would,” said Ian Gorsuch, the regional director for Middle East and Africa, McLaren Automotive. “We have taken three-and-a-half years to set up a global car company, and to get into profit in three short years is pretty good.
“In a year or two we will be producing 4,500 cars a year against Ferrari’s 7,500. We will also be releasing a less expensive model soon to give us more volume. In two years’ time you will be seeing far more McLarens on the road, but they will still be something to look and point at.”
In February, Ferrari said it had increased profits for last year by lowering the number of cars sold to boost exclusivity. Deliveries fell 5.4 per cent as net profit grew by the same margin as it clocked more than €2 billion (Dh9.97bn) in revenues.
Mclaren regards the Middle East, including the UAE, as a principal target for sales.
“Our biggest market in the world by volume is the USA, which doesn’t really understand Formula One,” said Mr Gorsuch. “This region accounts for just over 10 per cent of sales. However, buyers from this region are fairly cosmopolitan and will often have houses in Geneva, London or Beverly Hills and they will buy the cars for other locations worldwide. We punch above our 10 per cent weight. The UAE is responsible for half of the sales, accounting for about 70 cars last year. Customers here also like a bespoke offering, therefore the value of the car is higher.”
McLaren’s latest offering, the Dh1.4m 650S will be on the UAE’s roads from July and is currently sold out – the company says it has received more than 1,000 orders worldwide.
The car maker has recently started offering dedicated financing options in its UAE showroom to help boost sales.
“In the last three four months we have offered finance and probably 20 per cent of our customers have used the option,” said Mr Gorsuch. “We are seeing a resurgence in the Dubai economy and property. A lot of our customers are canny investors and want their money to work for them.
“If they feel they can invest the Dh1m in something with a return and do a good finance deal on their car that makes sense. You get a good return on the property investment and a beautiful car. We just wanted to make sure we covered all bases and offered a choice.”
ascott@thenational.ae
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Killing of Qassem Suleimani
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
DMZ facts
- The DMZ was created as a buffer after the 1950-53 Korean War.
- It runs 248 kilometers across the Korean Peninsula and is 4km wide.
- The zone is jointly overseen by the US-led United Nations Command and North Korea.
- It is littered with an estimated 2 million mines, tank traps, razor wire fences and guard posts.
- Donald Trump and Kim Jong-Un met at a building in Panmunjom, where an armistice was signed to stop the Korean War.
- Panmunjom is 52km north of the Korean capital Seoul and 147km south of Pyongyang, North Korea’s capital.
- Former US president Bill Clinton visited Panmunjom in 1993, while Ronald Reagan visited the DMZ in 1983, George W. Bush in 2002 and Barack Obama visited a nearby military camp in 2012.
- Mr Trump planned to visit in November 2017, but heavy fog that prevented his helicopter from landing.
Porsche Taycan Turbo specs
Engine: Two permanent-magnet synchronous AC motors
Transmission: two-speed
Power: 671hp
Torque: 1050Nm
Range: 450km
Price: Dh601,800
On sale: now
No more lice
Defining head lice
Pediculus humanus capitis are tiny wingless insects that feed on blood from the human scalp. The adult head louse is up to 3mm long, has six legs, and is tan to greyish-white in colour. The female lives up to four weeks and, once mature, can lay up to 10 eggs per day. These tiny nits firmly attach to the base of the hair shaft, get incubated by body heat and hatch in eight days or so.
Identifying lice
Lice can be identified by itching or a tickling sensation of something moving within the hair. One can confirm that a person has lice by looking closely through the hair and scalp for nits, nymphs or lice. Head lice are most frequently located behind the ears and near the neckline.
Treating lice at home
Head lice must be treated as soon as they are spotted. Start by checking everyone in the family for them, then follow these steps. Remove and wash all clothing and bedding with hot water. Apply medicine according to the label instructions. If some live lice are still found eight to 12 hours after treatment, but are moving more slowly than before, do not re-treat. Comb dead and remaining live lice out of the hair using a fine-toothed comb.
After the initial treatment, check for, comb and remove nits and lice from hair every two to three days. Soak combs and brushes in hot water for 10 minutes.Vacuum the floor and furniture, particularly where the infested person sat or lay.
Courtesy Dr Vishal Rajmal Mehta, specialist paediatrics, RAK Hospital
