McLaren is preparing to build its first SUV in the company's 63-year history, aiming to attract wealthy Formula One fans and families who have never bought one of its two-seater supercars. The vehicle, which is yet to be named, forms part of a £500m UK investment programme funded by McLaren's new owner, Abu Dhabi's CYVN Holdings, and is intended to revive a business that has struggled with debt and falling sales in recent years.

The investment is expected to create 1,000 new jobs on top of McLaren's existing 2,500-strong workforce and will also pay for a new factory, with Sheffield seen as the likely site over the firm's Woking headquarters. Executives believe the SUV, expected to be priced above £200,000 to rival models such as the Bentley Bentayga and Lamborghini Urus, could double annual sales from around 3,000 cars. The move follows CYVN's takeover of McLaren Automotive from Bahrain's Mumtalakat last year and its pledge to invest $2bn over five years, though the company has ruled out building an electric vehicle for now despite the UK's 2035 zero-emission mandate.