McLaren Automotive vs TVS Motor: Revenue, Profit and Business Model
McLaren Automotive had ~$615M of annual revenue in FY2023. TVS Motor had ~$6.5B of annual revenue in FY2026 and ~$350.1M of net income.
Latest financial snapshot
McLaren Automotive
- Latest annual revenue
- ~$615M (FY2023)
- Net income
- Unavailable here
- Net margin
- —
- Revenue growth
- -11.4% a year, FY2021–FY2023
TVS Motor
- Latest annual revenue
- ~$6.5B (FY2026)
- Net income
- ~$350.1M
- Net margin
- 5.4%
- Revenue growth
- +23.1% a year, FY2022–FY2026
Financial summary
McLaren Automotive
McLaren has struggled to fund new models from its own cash. The 2020 pandemic forced job cuts, a ~$224 million (£170 million) sale-and-leaseback of the Woking campus and fresh shareholder funding. In 2023 revenue fell 25.8% to ~$615 million (£465.9 million) as deliveries dropped, and the holding company booked a record loss that included a ~$495 million (£375 million) impairment. Mumtalakat kept the business funded until CYVN Holdings took over in April 2025; CYVN has not published standalone McLaren Automotive figures since.
TVS Motor
In FY2026 TVS Motor posted consolidated revenue of ~$6.5 billion (₹56,028 crore) (up from ~$5.12 billion (₹44,134 crore)) and profit attributable to owners of ~$350 million (₹3,018 crore), up 35%. Standalone revenue rose 30% to ~$5.48 billion (₹47,270 crore), operating EBITDA grew 37% to ~$705 million (₹6,079 crore) (12.9% margin) and operating PBT rose 40% to ~$577 million (₹4,975 crore). Momentum continued in Q1 FY2027 (April-June 2026): consolidated revenue rose 33.5% to ~$1.89 billion (₹16,296 crore) and consolidated net profit jumped 67% to ~$118 million (₹1,019 crore), with standalone EBITDA margin at 12.8%.
Revenue and profit by year
McLaren Automotive
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2023 | ~$615M | — | — | -25.8% | Source |
| FY2022 | ~$828.7M | — | — | +5.7% | Source |
| FY2021 | ~$783.7M | — | — | — | Source |
TVS Motor
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$6.5B | ~$350.1M | 5.4% | +26.9% | Source |
| FY2025 | ~$5.1B | ~$259.3M | 5.1% | +13.6% | Source |
| FY2024 | ~$4.5B | ~$195.6M | 4.3% | +21.1% | Source |
| FY2023 | ~$3.7B | ~$154.1M | 4.1% | +31.7% | Source |
| FY2022 | ~$2.8B | ~$87.8M | 3.1% | — | Source |
Where the revenue comes from
McLaren Automotive
- Series supercars (Artura, 750S, GTS)
Not disclosed
Most of McLaren's unit volume, sold through franchised retailers worldwide.
- Ultimate Series hypercars (W1 and limited editions)
Not disclosed
Small runs at multi-million-dollar prices, such as the 399-unit W1.
- MSO personalisation, racing, parts and service
Not disclosed
Bespoke options, customer GT3/GT4 cars, servicing and heritage work.
TVS Motor
- Domestic Motorcycle Sales38
Sales of commuter and performance motorcycles across India, powered by the flagship Apache RTR and RR performance series and commuter models such as the Raider 125 and Radeon.
- Scooter Portfolio (ICE & Electric)30
Market-leading scooter lineup headlined by the TVS Jupiter family, sporty TVS Ntorq 125, and the rapidly growing TVS iQube electric scooter ecosystem.
- International Exports20
Direct vehicle and CKD kit exports to more than 80 countries spanning Africa, Latin America, Southeast Asia, and the Middle East, alongside overseas assembly in Karawang, Indonesia.
- Mopeds, Commercial 3-Wheelers & Spare Parts12
High-margin genuine replacement parts, authorized dealer workshop services, TVS King passenger/cargo 3-wheelers, and the utilitarian TVS XL100 heavy-duty moped.
Business model and strategy
McLaren Automotive
How it makes money
McLaren sells hand-assembled cars through a franchised retailer network. Series models (Artura, 750S and the GTS grand tourer) provide most of the volume, while Ultimate Series hypercars such as the 399-unit W1 are sold in small numbers at multi-million-dollar prices. Bespoke options from McLaren Special Operations (MSO), customer GT racing cars, servicing and parts add further income.
Growth strategy
Growth now rests on the CYVN merger. Combining McLaren with Forseven gives McLaren access to more engineers and capital for electrified and multi-seat models, while the McLaren Licensing business aims to earn more from the brand. Earlier, Michael Leiters (CEO 2022-2025) focused on fixing Artura quality problems and stabilising production.
Competitive advantage
Every McLaren road car since the 2011 MP4-12C has used a carbon-fibre tub, a technique the company brought to Formula 1 with the 1981 MP4/1. Tubs for current cars are made at its composites plant in Sheffield, which gives McLaren lighter, stiffer cars than many aluminium-chassis rivals and a clear engineering story linked to its F1 team.
TVS Motor
How it makes money
TVS Motor Company operates a high-volume, integrated two-wheeler and three-wheeler manufacturing business model, generating revenue through the engineering, assembly, and global wholesale distribution of commuter motorcycles, premium performance bikes, scooters, and urban electric vehicles.
Growth strategy
TVS Motor Company's growth strategy centers on three strategic pillars: aggressive premiumization, multi-category electrification, and global market expansion.
Competitive advantage
TVS Motor Company's competitive advantage stems from its award-winning engineering excellence, being the only two-wheeler company to win the prestigious Deming Prize for total quality management, combined with strong brand equity in sporty performance motorcycles (Apache series) and early leadership in the electric vehicle transition with its best-selling iQube electric scooter family.
Questions about McLaren Automotive vs TVS Motor
Which company has higher revenue — McLaren Automotive or TVS Motor Company?
McLaren Automotive had ~$615M (FY2023), while TVS Motor Company had ~$6.5B (FY2026). By latest annual revenue, TVS Motor Company is the larger business, with McLaren Automotive showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of McLaren Automotive vs TVS Motor Company?
TVS Motor Company has a market capitalisation of $20.8B. A public market cap figure for McLaren Automotive was not available (it may be privately held).
How does revenue per employee compare for McLaren Automotive and TVS Motor Company?
TVS Motor Company generates $1.18M / employee in revenue per employee. A comparable figure for McLaren Automotive requires matching employee and revenue data from the same reporting period.
How do McLaren Automotive and TVS Motor Company make money?
McLaren Automotive and TVS Motor Company generate revenue in fundamentally different ways. McLaren Automotive: McLaren sells hand-assembled cars through a franchised retailer network. TVS Motor Company: TVS Motor Company operates a high-volume, integrated two-wheeler and three-wheeler manufacturing business model, generating revenue through the engineering, assembly, and global wholesale distribution of commuter motorcycles, premium performance bikes, scooters, and urban electric vehicles.
Is McLaren Automotive bigger than TVS Motor Company?
By last reported revenue, TVS Motor Company (~$6.5B (FY2026)) is the larger company compared to McLaren Automotive (~$615M (FY2023)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the McLaren Automotive vs TVS Motor overview