The McLaren Group has announced plans to cut 1,200 jobs as a result of economic fallout tied to the COVID-19 pandemic, with roughly 70 layoffs anticipated for its Formula 1 team. The company’s NTT IndyCar Series project isn’t expected to be impacted. 

A McLaren statement read: “Due to the ongoing impact of the COVID-19 pandemic, as well as the new Formula 1 cost cap to be introduced for the 2021 season, luxury automotive, motorsport and technology company McLaren Group has commenced a proposed restructure program as part of a wider business plan to ensure its long-term future success.

“Subject to employee consultation, the proposed restructure is expected to result in around 1,200 redundancies across the Group’s Applied, Automotive, and Racing businesses, as well as support and back office functions.” 

McLaren furloughed staff when possible under the United Kingdom’s workforce rules, but a lack of car sales has the group searching to save additional funds heading through the remainder of 2020. 

Source: StockcarGazette.com