McLaren To Lay Off 1,200 Employees
With lockdowns still happening all across the world, the British supercar maker McLaren will be laying off a quarter of its’ staff during major restructure. The McLaren Group which holds McLaren Automotive and McLaren Racing announced that it will be laying off 1,200 employees in the near future. McLaren is reporting that this is due to sale slumps caused by the global health during this time. Also Formula 1 has been delayed with no Formula 1 races this year so no revenue has been accounted for and only expenses. Also in 2021 the Formula 1 world will be hit with a cost cap for the season to limit the out of control spending the Formula 1 teams have been increasing over the years.
McLaren Automotive will be hit hardest with layoffs but did not respond to any impact on their goals of production for their current lineup. The McLaren Formula 1 team will only see 70 employees being laid off. There was news last week that broke that McLaren was possibly in talks to put up their Woking headquarters and their historic McLaren race car collection up for collateral for a company-saving loan.
McLaren management and drivers already agreed weeks ago to take pay cuts to help the bleeding of cash from the British company. McLaren Boss Zak Brown has said some of this downsizing is also part of the plan for McLaren to shrink down to the $145 million per year budget cap starting in 2021 for F1. Teams like Ferrari, Red Bull and Mercedes will most likely also be taking action like this also since some fo these teams spend upwards of $400 million per year on racing efforts.
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