British automotive manufacturer McLaren are set to cut 1,200 jobs across their operations . The Surrey-based company who are also one of the most famous names in Formula 1 could announce the measures later this week in their response to the COVID-19 pandemic.
The cuts will not be the first or the last across the motor industry, which has been hit hard by the ongoing pandemic that has put their business at risk.
The redundancies are said to be spread across their F1, road-car and Applied Technologies operations. Sky News report that McLaren want to borrow up to £275m against their classic car collection in a bid to raise funds due to their lack of profit in recent months.