Business · News 61
The British supercar manufacturer McLaren is to create 1,000 jobs as part of a £450 million investment in its technology centre in Woking, near the plant where it manufactures all its vehicles. McLaren, which merged with the premium UK electric vehicle startup Forseven Holdings, currently employs 2,500 staff. The new jobs will include indirect and agency workers, according to the Financial Times, which first reported the investment.
The news follows Jaguar Land Rover’s announcement of plans to cut 4,000 jobs over the next two years, mainly affecting salaried and management roles among its 26,000 UK employees. Meanwhile, CYVN Holdings, an Abu Dhabi government-owned investment company, acquired McLaren’s automotive business from Bahraini sovereign wealth fund Mumtalakat last year. CYVN plans to invest $2 billion (£1.4 billion) over the next five years to revitalize the struggling group.
The UK automotive sector faces challenges from Chinese rivals like BYD and Chery, which have seen rising sales across Europe. European carmakers have also faced tough trading conditions. Last week, Volkswagen announced plans to cut 100,000 of its 650,000 global workforce by 2030 and halve the number of models produced. The VW group includes brands such as Bentley, Audi, Skoda, Seat, Porsche, Cupra, and Lamborghini.
Additionally, UK carmakers will face a 10% tariff on electric vehicles shipped to the EU from early next year, and UK-made vehicles may no longer qualify for ‘made in Europe’ subsidies under current proposals.
Source: The Guardian
