In March 2010 McLaren Automotive unveiled its MP4-12C model, alongside plans to produce around 4,000 cars per year at its Woking factory by the middle of the decade. At the Paris Motor Show in September 2010 Lotus Cars unveiled five new models due to go on sale by 2016, alongside plans for an investment of £770 million over 10 years, the complete redevelopment of its Hethel factory and an increase in production from under 3,000 cars per year to 6,000 to 7,000. In December 2010 it was announced that Renault had sold its remaining 25% shareholding in its eponymous Formula 1 team to Lotus Cars, and that the team would be renamed Lotus Renault in 2011.