McLaren P1 GTR
McLaren launched the GTR variant of its P1 at Geneva. The GTR is the track variant of the P1 and will only be offered to existing owners of the P1. The p1 GR will cost GBP1.98 million in the UK and the model is significantly enhanced over its road-going sibling. The 3.8-litre twin-turbo V8 now develops 789 bhp up from 727 bhp, with the electric motor of the hybrid powertrain similarly boosted to 197bhp. Therefore combined output is also boosted from 903bhp to 986bhp. It also has an enhanced aerodynamic package which generates 10 percent more downforce at 150mph than the P1.
IHS Automotive perspective Geneva Motor Show emerging trends:
With the global numbers of high net worth individuals set to grow exponentially as a result of economic growth in China, the explosion of successful global tech companies and the ongoing economic recovery in the US, ultra-premium carmakers are looking to explore ways of growing their product offerings, and thus their bottom lines, in this most potentially profitable of segments.
IHS Automotive forecasts that sales of ultra-premium brand sales will almost triple during this decade, from the figure of from 123,000 units to 353,000 units.
In our definition of ultra-premium, we include Porsche, who sell more cars than the rest of the brands included in this measure put together (Aston Martin, Bentley, Bugatti, Ferrari, Lamborghini, Maserati, Maybach, McLaren and Rolls Royce). However, Porsche is one of the main beneficiaries of the booming market for high-end performance and luxury. It is in something of a unique market space, outselling the true ultra-premium brands, while also operating at a far more exclusive level than volume premium brands such as BMW, Audi and Mercedes-Benz, with the marque selling 190,000 units in 2014.
If Porsche is stripped out the growth is still striking with these other brands’ combined volumes rising from 25,000 units to 88,000 units by 2020.
Increasing wealth creation in emerging markets will continue to drive ultra-premium growth and we are also going to see increasing diversification into new segments and business strategies as these ultra-premium brands look to leverage the strength of their nameplates and the opportunities that are growing.
Rolls Royce, Bentley and Lamborghini are also planning new SUV models and they are likely to be followed by others including Aston Martin.
Meanwhile increasing customization and bespoke models are also set to be a feature of the ultra-premium market as a result of the prices that high net worth individuals are prepared to pay for exclusivity.
On the performance side there will be more customer race and track programs. Given the development of the global economy it will be a surprise if this rarefied sector of the market does not see highly accelerated growth in the short and medium term.
