McLaren CEO Michael Leiters is confident that his company can achieve success similar to that of Ferrari, but in a different way. In an interview with Yahoo Finance during Monterey Car Week, Leiters emphasized McLaren’s focus on inclusivity and building a sense of belonging among its customers. In contrast, Ferrari is known for its exclusive events and secretive nature.
Leiters believes that one key element in McLaren’s brand is its willingness to engage with everyone, without any traces of arrogance. This can be seen as a subtle criticism of Ferrari’s approach, which often limits access to new vehicles to only existing or preferred customers. McLaren aims to create a different kind of success by making distinctive cars and selling fewer of them at higher prices, thereby increasing scarcity and pricing power.
However, McLaren has faced challenges in recent years, including a slowdown in sales and a surplus of cars flooding the secondary market, which depressed used car prices. Leiters stated that McLaren, now wholly owned by the sovereign wealth fund of Bahrain, is shifting its focus to the new Artura hybrid and the 750S supercar. The company aims to be more customer and product-oriented, intentionally supplying just under market demand to stimulate demand and increase residual values.
Despite these challenges, McLaren remains optimistic about its future. Leiters mentioned that the Artura sports car offers significant performance without adding much weight, which is crucial in the supercar industry. He also hinted at the possibility of McLaren introducing an SUV or a “shared performance vehicle” to broaden its customer base.
Leiters also highlighted the success of McLaren’s Formula One race team, which he claims is the most popular team on the grid. The resurgence of the F1 team, along with the rising popularity of the sport in the US, has positively influenced McLaren’s sales in its most important market. While Ferrari has faced disappointing performances on the track, it continues to sell its luxury sports cars at impressive margins and remains highly regarded in the automotive investment world.
Overall, McLaren is striving to replicate Ferrari’s success by developing its brand and attracting more prospects and customers. By being more inclusive and customer-oriented, McLaren hopes to achieve sales success and further enhance its position in the luxury supercar market.