Supercar-maker McLaren Group has announced that 1,200 jobs will be lost across its operations, representing around a quarter of its workforce.
The Surrey-based 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.
The group’s executive chairman Paul Walsh said: "We deeply regret the impact that this restructure will have on all our people, but especially those whose jobs may be affected.
"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."
He added: "But we now have no other choice but to reduce the size of our workforce.
"This is undoubtedly a challenging time for our company, and particularly our people, but we plan to emerge as an efficient, sustainable business with a clear course for returning to growth."
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