Iconic UK supercar maker and Formula One team McLaren plans to cut more than a quarter of its workforce after the coronavirus crisis hit demand.
The firm employs around 4,000 people but 1,200 of those are to be made redundant, the vast majority in the UK.
Motorsport events have been cancelled around the world by the pandemic, which has shut car plants and closed showrooms.
McLaren said it had been “severely affected” by the crisis.
The company said it had worked hard to cut costs and avoid layoffs.
“But we now have no other choice but to reduce the size of our workforce,” McLaren boss Paul Walsh said in a statement.
“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.”