UK supercar maker and Formula 1 team, McLaren, plans to cut more than a quarter of its workforce, after the coronavirus crisis hit sales and advertising revenue.
McLaren Group announced on Tuesday that it would cut 1,200 jobs, under a proposed restructuring program, as the vast majority will be in Britain.
The statement added that the cancellation of Formula-1 races, the suspension of manufacturing and retail activities around the world and reduced demand for technology solutions have led to a sudden impact on the group's revenue generating activities.
The move is expected to impact jobs across the group's applied, automotive and racing businesses.
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