British supercar maker McLaren has announced a cut of 1,200 jobs, including from its Formula One team, under a proposed restructuring programme to counter the Covid-19 pandemic.
The cuts will take place across McLaren's three divisions: racing, automotive and applied technology.
The news comes ahead of F1 introducing a $145 million budget cap to control spending in the post-pandemic world from 2021 and beyond.
Paul Walsh, executive chairman of the McLaren Group, said: "McLaren Racing has been a proponent of the introduction in 2021 of the new Formula One budget cap which will create a sustainable financial basis for the teams and lead to a more competitive sport.