McLaren to cut 1,200 jobs due to pandemic and new Formula One budget cap

Supercar maker McLaren Group has announced that 1,200 jobs will be lost across its operations, representing around a quarter of its workforce.

The Surrey-based firm said in a statement that it has been “severely affected by the current pandemic”.

It went on: “The cancellation of motorsport events, the suspension of manufacturing and retail activities around the world and reduced demand for technology solutions have all led to a sudden impact on the group’s revenue-generating activities.”

McLaren said the new annual spending cap for Formula One teams also led to the job losses.