McDonald's will test a meat-free burger in several markets next year as it adds plant-based menu offerings, which it has coined "McPlant."
International President Ian Borden said that McPlant was created "by McDonald's and for McDonald's." Borden said that the McPlant line could also include chicken substitutes.
McDonald's has not yet disclosed the supplier for the line. A company spokesperson declined to identify their supplier but said that McDonald's will not be manufacturing the products.
But a spokesperson for Beyond Meat said in a statement to CNBC that the company co-created the plant-based patty that will be available as part of the McPlant line. Shares of Beyond rose as much as 4% in afternoon trading after falling as much as 6% earlier on Monday. The stock, which was briefly halted for volatility in both morning and afternoon trading, is currently down less than 1%.
See also: Beyond Meat shares rise on news that it collaborated with McDonald's on the McPlant options [techcrunch.com]
Beyond Meat earnings miss big on declining food service and consumer demand [techcrunch.com]
Beyond Meat's partnership with McDonald's to develop the McPlant burger wasn't enough to keep shares from collapsing after the company posted third-quarter earnings that fell far below analysts' expectations.
The big miss sent shares tumbling nearly 29% in after markets closed Monday after reporting it generated $94.4 million in revenues and a loss of 28 cents per share versus the $132.8 million in revenue and 5 cents per share loss that analysts had expected.
Previously: Meatless "Beyond Burgers" Come to Fast Food Restaurants [soylentnews.org]
Following IPO of Beyond Meat, Tyson Foods Plans Launch of its Own Meatless Products [soylentnews.org]
Plant-Based "Impossible Burger" Coming to Every Burger King Location [soylentnews.org]
Meat Industry PR Campaign Bashes Plant-Based Meat Alternatives [soylentnews.org]
Bot Orders $18,752 of McSundaes Every 30 Minutes to Find If Machines are Working [soylentnews.org]