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Formula One carmaker McLaren cuts 1,200 jobs, says it regrets

Smarting under a terrible corona impact, the world economy has come to a standstill. Formula One carmaker McLaren is no exception. It is a question of survival for most manufacturers. “It (cutting jobs) is a course of action we have worked hard to avoid," said Paul Walsh, McLaren's chairman.

LONDON, May 29: Following rigorous restrictions on movements like social distancing and lockdown to combat the coronavirus epidemic sweeping the world killing lakhs of people, the world economy plummeting like in the Great Depression of the 30s. The automobile industry bore the brunt of the slowdown, in March and April most manufacturers selling not even a single vehicle.

Several companies like cab aggregators Uber and Ola have furloughed several hundreds of employees. The McLaren Group has laid off around one-fourth of its strength of 4,000 across allied operations. They are cutting 1,200 jobs.

McLaren, the Formula One team owner and super car maker, has stated that cancellation of motor events and suspension of manufacture has impacted business sustainability.

“We deeply regret the impact that this restructure will have on all our people, but especially those whose jobs may be affected,” said Paul Walsh, the executive chairman of McLaren Group.

“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,.” Walsh said.





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