McLaren announce 1,200 redundancies

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Around 1,200 positions are being made redundant at McLaren due to the ongoing impact of Covid-19 and the new Formula 1 cost cap to be introduced in 2021.

The proposed restructuring will see positions go across the McLaren Group’s Applied, Automotive, and Racing businesses, as well as support and back office functions.

READ MORE ABOUT THE ENGINEERING RESPONSE TO COVID-19

The Covid-19 pandemic has had a negative impact on the company due to the cancellation of motorsport events, the suspension of manufacturing and retail activities around the world, and reduced demand for technology solutions.

“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,” Paul Walsh, executive chairman, McLaren Group said in a statement.

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