McLaren reboots with Forseven
TDT | agencies
British sports car manufacturer McLaren is set to merge with automotive start-up Forseven, in a move that secures its future with fresh capital, advanced technology, and expanded product opportunities.
Forseven, a UK-based startup, has been quietly building a team of over 700 professionals from the automotive sector, including top designers, engineers, and executives from rival British marques. The team has been working behind the scenes to develop a range of luxury vehicles to be launched under a new brand.
What unites McLaren and Forseven is their shared investor—Abu Dhabi government-backed CYVN Holdings— which played a pivotal role in bringing the two together. The merger will operate under the McLaren Automotive name, with Forseven's under-development models now expected to be released under the prestigious McLaren brand.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Tribune
2 hours ago
- Daily Tribune
Xiaomi receives almost 300,000 SUV pre-orders in minutes
hinese electric vehicle maker Xiaomi received almost 300,000 pre-orders within an hour for its first sport utility vehicles in what the company said was a "miraculous" moment for the industry. Lei Jun, founder and CEO of the electronics-turned-car company, said he was astonished by the reaction from customers. "My goodness, in just two minutes, we received 196,000 paid pre-orders and 128,000 lockin orders," Lei said in a video distributed after the vehicle's launch on Thursday night. "We may be witnessing a miracle in China's automotive industry." The company's electric vehicle division said later on its official Weibo account that there had been 289,000 pre-orders for the five-seater YU7, priced from 253,500 yuan (about $35,000), within the first hour of sales. Xiaomi's Hong Kong-listed shares soared eight percent at one point before paring their gains but ending at a record high. The Beijing-based commercial tech giant made its first foray into car-making with its SU7 EV model last year, part of a broader industry push to boost domestic consumption. Initial enthusiasm for intelligent driving features in such vehicles was tempered by the fatal crash of a Xiaomi SU7 in March. The vehicle had been in assisted driving mode just before it crashed, killing three students. Premier Li Qiang used the World Economic Forum in Tianjin this week to outline China's ambition to become a "major consumption powerhouse", emphasising policies to stimulate demand for high-value goods such as electric vehicles.
Gulf Insider
a day ago
- Gulf Insider
UK's Ninth Richest Man Turns His Back on Britain
The UK's ninth richest man, Norwegian born shipping tycoon John Fredriksen, who is worth an estimated £14bn, has turned his back on the UK, saying 'Britain has gone to hell.' Mr Fredriksen has moved his business out of London and is now said to spend most of his time running it from the United Arab Emirates. The magnate is the latest in a series of wealthy individuals who are quitting the UK due to Labour's scrapping of the non dom tax regime and their concerns about the future of the British economy. Asked by Norwegian title E24 about his feelings for the UK, Fredriksen said: 'It's starting to remind me more and more of Norway. Britain has gone to hell, like Norway.' 'I try to avoid Norway as much as I can,' he added. He has closed the London headquarters of Seatankers Management, one of his private shipping businesses, which was based on Sloane Square. He continued: 'The entire Western world is on its way down.' And he blasted working from home culture, saying: 'People should get up and work even more, and go to the office instead of having a home office.' The old non-dom tax system that has allowed wealthy foreign-born British residents to shield their overseas assets and income from UK tax ended on April 6 this year. The change has been blamed for an unprecedented exodus of millionaires from the UK. Foreign assets placed in trusts have also lost their exemption from inheritance tax. As a result, analysts predict the UK is to lose 16,500 high-net-worth individuals this year, far more any other country. It is more than double the 7,800 forecast to quit second-placed China. The United Arab Emirates is predicted to gain the most high wealth individuals, according to analysis by Henley & Partners. Henley & Partners chief executive Dr Juerg Steffen said: 'For the first time in a decade of tracking, a European country leads the world in millionaire outflows,' he said. 'This isn't just about changes to the tax regime. 'It reflects a deepening perception among the wealthy that greater opportunity, freedom, and stability lie elsewhere. 'The long-term implications for Europe and the UK's economic competitiveness and investment appeal are significant.' Also read: These Are The Places That Rich People Are Leaving
Daily Tribune
a day ago
- Daily Tribune
Kingdom Seeks Asian Investment
TDT | Manama Bahrain stepped up efforts to position itself as a key beneficiary of Asian-led infrastructure investment by engaging with top decision-makers during the 10th Annual Meeting of the Asian Infrastructure Investment Bank (AIIB), held in Beijing under the theme 'Connecting for Development and Cooperation for Prosperity'. Leading the Kingdom's delegation, Yousef Abdullah Al-Hamoud, Undersecretary for Financial Affairs at the Ministry of Finance and National Economy, held meetings with bank executives and other high-level officials to expand Bahrain's role in the region's infrastructure development map. Strategic engagement On the sidelines of the summit, Al-Hamoud met with Konstantin Lemtovsky, Chief Investment Officer at AIIB, and Junjing Wang, CEO of the Multilateral Cooperation Center for Development Financing. The discussions focused on enhancing joint cooperation and unlocking new opportunities for financing infrastructure, energy, and logistics projects in Bahrain. The summit, inaugurated by Li Keqiang, Premier of the State Council of China, brought together ministers, investors, and international organisations to address development challenges through strategic partnerships and sustainable infrastructure funding. Support for new leadership Al-Hamoud conveyed Bahrain's support for Ms. Zou Jiayi of China, who was elected by the AIIB Board of Governors as the bank's new President. He welcomed her vision for expanding the bank's contribution to development projects across member states and praised the AIIB's growing role in responding to climate and geopolitical changes. He also reaffirmed Bahrain's commitment to cooperating with the AIIB and aligning its national infrastructure strategies with the bank's regional investment goals. Platform for growth The AIIB, established in 2015, now includes 110 member countries. Its operational priorities span sectors such as transportation, energy, communications, agriculture, and urban development. Bahrain became a member in 2018 and continues to pursue opportunities to attract multilateral financing for strategic national projects. As infrastructure financing becomes increasingly competitive across the region, Bahrain's active engagement at this summit signals a renewed drive to tap into Asia-led development flows.
