British car manufacturer McLaren is to axe a quarter of its workforce as the Covid-19 pandemic continues to hit the automotive industry.
The company - which specialises in supercars - has more than 3,700 employees worldwide, with thousands hired at its McLaren Technology Centre in Woking, Surrey.
The firm said in a statement that it has been "severely affected by the current pandemic". It went on: "The cancellation of motorsport events, the suspension of manufacturing and retail activities around the world and reduced demand for technology solutions have all led to a sudden impact on the group's revenue-generating activities." McLaren said the new annual spending cap for Formula One teams also led to the job losses.