Gordon Murray Automotive Receives $120 Million Injection of Capital for Future Bespoke Supercars [Yahoo! Finance]
PORSCHE AUTOMBL UNSP/ADR (POAHY)
NASDAQ:AMEX Investor Relations:
porsche-se.com/en/investor-relations
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Source: Yahoo! Finance
First came a series of bespoke models at Monterey Car Week; now, the tiny automaker is announcing a cash injection of $120 million that will go towards a variety of strategic growth opportunities. The term "strategic growth opportunities" may sound boring, but the reality of this cash injection is more Gordon Murray supercars on the road, which we classify as a categorically good thing. Announced on Wednesday, the $120 million investment from the Halo Car Group will be used to support "the timely delivery of the current vehicle order book" as well as advance Gordon Murray's special vehicle program. Such a strong investment indeed signals ownership stake changes, as Halo Cars Group managing partners Tarik Ouass (who was Gordon Murray's first-ever T.50 customer) and JR Rahn have now joined the board of directors, but Professor Gordon Murray will remain on chairman and chief designer. "This is not an investment in scale, but in further scarcity. Our investment mandate is the complete
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