Saturday, 21 December 2013
Ricardo to power McLaren to 2020
Ricardo plc of Shoreham-by-Sea, West Sussex, has won a contract to supply engines for its supercars in a contract worth £40 million a year.
The deal will allow Ricardo to continue building the engines for the P1 and the 12C spider as well as the McLaren GT.
Mike Flewitt, chief executive of McLaren Automotive said “Ricardo is a leading name in the development and assembly of world-beating engines, pushing the boundaries of performance and efficiency, and sharing the core values and objectives of McLaren.”
This fulsome endorsement from McLaren is the just kind of words that are music to the ears of senior people in JaguarLandRover. Ricardo is working closely with the car maker on a number of engine and vehicle programmes. JLR’s biggest engine programme in its history is the Hotfire family of four-cylinder gasoline and diesel engines that will be built in a state-of-the-art facility near Wolverhampton.
A clue as to how things will develop in future with McLaren can be seen from the words of Ricardo’s chief executive Dave Shemmans: “The long-term nature of this agreement underscores the effectiveness of our working relationship to date and provides an opportunity for both companies to deliver more innovative products.”
Ricardo's share price has risen dramatically in four months from £4.73 on 30 August 2013 to close at £6.67 last night.
And there is nothing that Ricardo likes more than long-term relationships with its clients, as its relationship with JLR bears out. ∎