McLaren to invest £450m and create 1,000 new jobs

According to the Financial Times, the investment will create 1,000 new jobs. McLaren currently employs 2,500 staff.

It is believed to include a major product and strategic overhaul in a major boost for the British vehicle production sector.

The investment will create 1,000 jobs, including direct and agency workers, the FT reported.

McLaren’s automotive business was acquired by CYVN Holdings, an Abu Dhabi government-owned investment company, last year.

CYVN confirmed at the time that it would invest $2billion (£1.4billion) over the next five years to support the business.

In recent months, McLaren has also announced a number of changes to the brand that aim to position it as a global leader in the supercar sector.

This has included the expansion of its Board of Directors, as well as appointing Kemal Curic as Chief Design Officer and David Woodhouse as Chief Creative Officer.

McLaren outlined that the new Board would "provide visionary leadership to fuel McLaren’s next chapter", focusing specifically on strategic transformation.

Speaking in July, His Excellency, Jassem Al Zaabi, Chairman of McLaren Group Holdings Limited, described the move as a "pivotal moment" for the British brand.

He added: "Drawing on the depth of experience of our members, we’re not just growing the potential of the McLaren brand - we’re igniting a new era of vision, innovation, and growth, with a level of leadership rarely seen in the automotive industry."

It comes just days after Jaguar Land Rover announced plans to cut 4,000 jobs over the next two years in a bid to save £1.7billion.

The British manufacturer has struggled recently as a result of geopolitical issues, pauses in production and US tariffs.

CEO PB Balaji acknowledged the difficulties faced by the entire sector in recent years and emphasised that "significant changes" had been difficult to deal with.

JLR’s Growth Reimagined strategy will be taken forward to "strengthen our competitiveness and position the business for long-term success".

Mr Balaji said: "These actions will support continued investment of £15-18billion over the next five years in electrification, digital technologies, advanced manufacturing and enhanced customer experiences.

"As part of this transformation, we will reduce our global workforce by around 4,000 roles over the next two years."

Business Secretary Jonathan Reynolds confirmed that the Government would be in talks with Jaguar Land Rover to ensure workers are protected, but noted that it would not bail the manufacturer out.