Apologising for being uncharacteristically late, McLaren Group Chairman, Ron Dennis looked at ease as he revealed bold new plans for McLaren Automotive. Announcing the relinquishing of his role of Chief Executive Officer of McLaren Racing, Dennis will be spending 100 per cent of his time on McLaren Automotive's ambitious plans.

McLaren is currently testing its new supercar contender - codenamed P11 and it's understood to be a mid-engined rival for cars like the Ferrari F430 and Lamborghini Gallardo.

The P11 was briefly revealed to us at a press conference today, the mid-engined two-seater taking some styling cues from the legendary McLaren F1. Technical details of the new car are scant though, McLaren and Dennis instead discussing the business model for the new road-car venture. More than a single model, the McLaren P11 will be joined by different derivatives in time, McLaren keen to point out that the P11 represents more than merely the creation of a car, but the 'creation of a car company'.

The P11 will be launched in 2011, a date that Dennis believes to be strategically 'a good time', with the expectation that the world will be coming out of a recession. Indeed, Dennis clearly sees the current economic climate as an opportunity for McLaren Automotive, the company currently finishing off production of the SLR Roadster and SLR Stirling Moss models in its Woking Technical Centre, cars which have exceeded all expectations for production in the super sports car marketplace.

The new McLaren model will require a bespoke new facility to be built. Dennis would not be drawn on where that would be, but with planning documents submitted the location will be public knowledge in the next few weeks. Dennis describes the growth of McLaren Automotive as "a British success story which will create up to 800 skilled jobs." The company requires £250 million to allow the programme to go ahead, Dennis stating that most of the investment is already in place.

McLaren is adamant that McLaren Automotive will be ambitious but prudent, de-risking every aspect of the business plan. Taking on board the lessons learned from working with Mercedes-Benz and the experience from its Formula One operation McLaren is promising not just excellent quality and reliability from its new cars, but real innovation too. Volumes for the P11 in its first full year of production are hoped to be in the region of 1,000 cars with a price tag in the €100,000 sphere, while in time the entire range is anticipated to account for annual volumes of around 4,000 cars.

Dennis describes his reasons for walking away from the Formula One side of the business as entirely self motivated, saying that although he anticipated withdrawal symptoms he had none: " I couldn't believe how easy it was to be at home and watch it (the Malaysian Grand Prix) on TV." With a famously stormy relationship with F1 movers and shakers Max Mosley and Bernie Ecclestone, Dennis expects the pair to be happy at his departure from the sport, though pointed out that neither had any bearing on his decision.

Importantly his famous motivation will be diverted from F1 and into the McLaren Automotive's new plans. Dennis says he's "extremely enthused for the prospects of the Group and specifically McLaren Automotive." Stating that while he has no disrespect for his sports car rivals few are able to deliver 20 championship wins and Le Mans success, adding that the McLaren brand is a particularly strong one that's staffed by very competitive people. None more so than the man driving it, McLaren's rivals no-doubt justifiably anxious at the introduction of such a tough player into the sports car marketplace.