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Supercar group McLaren to cut 1,200 jobs amid coronavirus pandemic

British supercar manufacturer McLaren Group, which includes the Formula One team, said on Tuesday it would cut 1,200 jobs under a proposed restructuring program as it deals with the fallout from the coronavirus pandemic. The move is expected to impact jobs across the group's applied technology, automotive and racing businesses, the company said in a statement. The cancellation of motorsport events, the suspension of manufacturing and retail activities around the world and reduced demand for technology solutions have hurt the group's revenue generating activities, the company added. "It is a course of action we have worked hard to avoid, having already undertaken dramatic cost-saving measures across all areas of the business. But we have no other choice but to reduce the size of our workforce," Executive Chairman Paul Walsh said. The job cuts represent more than a quarter of the group's workforce of just over 4,000, according to Sky News, which first reported the news. The group is majority owned by Bahrain's sovereign wealth fund Mumtalakat. McLaren was the first Formula One team to furlough staff in April because of the pandemic. It has a headcount of just over 800 people, which is expected to be reduced by around 70. Formula One is due to introduce a $145 million budget cap next year as the sport seeks to cut costs and help the 10 teams survive. McLaren is the second most successful team after Ferrari in the sport's history and gave Mercedes' six-times world champion Lewis Hamilton his debut in 2007. It finished fourth in 2019 and has just signed Australian Daniel Ricciardo to partner Britain's Lando Norris in 2021. Sky News reported on May 14 that McLaren was seeking to raise up to 275 million pounds ($339.57 million) by borrowing against its Woking headquarters and collection of historic racing cars. Related Video:    

Wolff: Honda will emerge as strong F1 force

Mercedes motorsport boss Toto Wolff has no doubts that Honda will make a success of its Formula 1 return, despite the Japanese manufacturer's disappointing time last year. Honda endured a troubled return to F1 in 2015 as it struggled with reliability and a lack of power from its new turbo V6 hybrid engine. But having made gains over the campaign, and a significant revamp of key elements of its power unit over the winter, Wolff thinks that Honda is on course to deliver. "Honda is a huge organization with lots of resource, and they were the power unit with the most impressive development curve through 2015," Wolff said in an interview with his Mercedes team's YouTube channel. "Even if it was a very difficult year for them, it was still very good what they achieved in terms of how they progressed through the season. I have no doubt they will be a strong competitive in the future." Wolff's comments come despite Mercedes engine chief Andy Cowell saying last week that he was not convinced that Honda's 'size zero' concept was the right approach for the current regulations. Manor step As well as predicting good things for Honda in the future, Wolff has predicted promising results for the Mercedes-powered Manor team in 2016. "Manor will make a big step up and not only because of the engine," said Wolff, who helped secure a drive at the Banbury-based team for Mercedes junior driver Pascal Wehrlein. "There is a good bunch of people coming together: impressive individuals, with the right budget and right attitude, and Pascal in the car. "I have confidence that the car and driver will have highlights and be a solid midfield runner." This article by Jonathan Noble originally appeared on Motorsport.com, the world's leader in auto racing news, photos and video. Related Video:

McLaren's electric supercars are not quite there yet

While Rimac is all about electric supercars and has just revealed its outrageous-sounding 1,914-horsepower C_Two car at the Geneva Motor Show, McLaren is cautious about producing an EV quite yet. Hybrids are far more suitable for McLaren's immediate need than launching a full electric vehicle, says McLaren CEO Mike Flewitt. In an interview with Autocar, Flewitt says McLaren's electric portfolio is still very much in development, and that one in two McLarens sold in 2022 is to be a hybrid. But it wouldn't be right for the brand to launch a half-baked, full-electric supercar, and McLaren's standard is that any EV would have to offer performance equal to its existing cars. "It's a challenge for us to produce the same engagement as with the P1, the Senna and the 675 LT," says Flewitt. Earlier, he has stated that for an electric supercar to match the P1's performance, it would have to weigh two tons. EV development, however, is still on track, and McLaren has "an electric mule running around." For the company, getting the desired electric performance in a production-viable package is still at least five years away, Flewitt says. "It's not in [ the Track22 plan] because we don't have an answer yet." McLaren is a lot more positive about hybrids. Flewitt says hybrid tech is a lot easier to integrate into a powertrain design, making it integral instead of bolt-on. As he said a month ago: "Hybrid design is part of the next platform. It is designed-in from day one rather than having to adapt an existing chassis." Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. News Source: AutocarImage Credit: AOL/Drew Phillips Green Geneva Motor Show McLaren Coupe Electric Future Vehicles Hybrid Performance Supercars 2018 Geneva Motor Show mclaren automotive Rimac mclaren hybrid