McLaren will cut more than 25% of workersMay 27, 2020
Small or large, mass or premium, almost every automaker has been affected by coronavirus. Some manufacturers have been hit harder than others, and it seems that McLaren falls into this category.
Earlier this month, the BBC reported that a Woking-based brand is considering pledging its factory and historical collection to get a loan of about $ 365 million and weather the crisis caused by the COVID-19 pandemic.
The same source now claims that McLaren’s financial situation is actually worse, since the destruction caused by the coronavirus has had a big impact on sales and advertising revenue. According to the BBC, of the approximately 4,000 people who work for the company, more than 1,200 people will lose their jobs. Most cuts are expected to occur in the UK.
Job cuts will also affect McLaren’s Formula 1 division: about 70 out of 800 will lose their jobs. Additional job cuts are planned for the F1 division of the company in 2021 as part of a plan to reduce motor racing costs in accordance with the upcoming agreement concluded by all the teams involved in the races.
McLaren chairman Paul Walsh made a statement saying the company “has no choice but to reduce its workforce.” This is undoubtedly a difficult time for our company, and especially for our employees, but we plan to become an effective and sustainable business with a clear course of return to growth. ”
Earlier this month, McLaren CEO told Automotive News Europe that an outbreak of coronavirus would also negatively impact Track25’s business plan. While the two models are still preparing for their debut in 2020, models planned for 2021 and beyond may be delayed.
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