The McLaren Group has announced that it will cut 1,200 jobs as a result of the COVID-19 pandemic, with around 70 expected to be lost from its Formula 1 team. McLaren was the first F1 team to take advantage of the United Kingdom’s job retention scheme, furloughing many staff when income levels dropped dramatically. The supercar manufacturer has taken a further hit due to the lack of new car sales during the first half of 2020, leaving the company assessing options to raise over $300 million to help it through the crisis.
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