British Formula One team and supercar maker McLaren said on Tuesday it plans to cut 1,200 jobs due to the impact of the coronavirus crisis.
The group's executive chairman, Paul Walsh, said the cuts "will have a significant impact on the shape and size of our F1 team".
British media reports said about 70 of the racing team's 800 jobs will be eliminated by the restructuring plan.
"We deeply regret the impact that this restructure will have on all our people, but especially those whose jobs may be affected," Walsh said in a statement.
"It is a course of action we have worked hard to avoid, having already undertaken dramatic cost-saving measures across all areas of business. But we now have no further 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."
McLaren is a grand name in British racing that has produced cars featured in James Bond movies and bred winners of F1 races since the 1960s. But the group's racing division has struggled in recent years.
McLaren is now lobbying F1 to introduce a budget cap next year that could reduce the gap between less well-funded teams and runaway leaders such as Mercedes and Ferrari.
The F1 season has been suspended and is not set to return until July.
Orders for McLaren's supercars have also fallen steeply. Walsh said the group has invested in developing "a new lightweight, hybrid vehicle architecture" that will enter serial production at the end of the year.
Carlos Sainz and Lando Norris will be driving for McLaren when the season does gets under way, before the former joins Ferrari next season.
Renault driver Daniel Ricciardo is moving to McLaren to replace Sainz.
ENGLAND SQUAD
Goalkeepers: Jack Butland, Jordan Pickford, Nick Pope
Defenders: John Stones, Harry Maguire, Phil Jones, Kyle Walker, Kieran Trippier, Gary Cahill, Ashley Young, Danny Rose, Trent Alexander-Arnold
Midfielders: Eric Dier, Jordan Henderson, Dele Alli, Jesse Lingard, Raheem Sterling, Ruben Loftus-Cheek, Fabian Delph
Forwards: Harry Kane, Jamie Vardy, Marcus Rashford, Danny Welbeck
UAE currency: the story behind the money in your pockets
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
UAE currency: the story behind the money in your pockets
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MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
South Africa World Cup squad
South Africa: Faf du Plessis (c), Hashim Amla, Quinton de Kock (w), JP Duminy, Imran Tahir, Aiden Markram, David Miller, Lungi Ngidi, Anrich Nortje, Andile Phehlukwayo, Dwaine Pretorius, Kagiso Rabada, Tabraiz Shamsi, Dale Steyn, Rassie van der Dussen.
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
COMPANY%20PROFILE
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