McLaren cutting 1,200 jobs

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In the “not good news” file this morning, McLaren is cutting over a quarter of its workforce due to the impact of the Coronavirus. McLaren were one of the first teams to furlough employees and take pay cuts at the onset of the COVID-19 pandemic as well as seeking major investors.

McLaren will be cutting 1,200 people from their 4,000 employee roster company-wide.

“But we now have no other choice but to reduce the size of our workforce,” McLaren chairman Paul Walsh said in a statement.

“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 Formula 1 team is expecting a reduction of 70 people from its 800-strong F1 group. The BBC says the team will take additional headcount reductions when the new cost cap of $145 million is in place for 2021 onward.

Hat Tip: BBC

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