McLaren to cut 1,200 jobs
Luxury automotive and motorsport company McLaren is cutting 1,200 jobs following the cancellation of motorsport events and the suspension of manufacturing and retail due to the covid-19 pandemic.
Group chairman Paul Walsh said: “We deeply regret the impact that this restructure will have on all our people, but especially those whose jobs may be affected. It is a course of action we have worked hard to avoid, having already undertaken dramatic cost-saving measures across all areas of the business. But we now have no other choice but to reduce the size of our workforce.
“This is undoubtedly a challenging time for our company, and particularly our people, but we plan to emerge as an efficient, sustainable business with a clear course for returning to growth."
The group employs around 4,000 people.
On the automotive side of the business, McLaren is due to start the first deliveries to customers of the 765LT supercar in October as well as open-top speedster, the McLaren Elva, towards the end of the year.
“We have already invested in developing a new lightweight, hybrid vehicle architecture that will commence series production at the end of this year with the first deliveries to customers now due in early 2021," added Mr Walsh.
