Latest news with #Forseven
The Irish Sun
23-07-2025
- Automotive
- The Irish Sun
Struggling major carmaker to axe 500 jobs in ‘difficult decision' just 3 months after bombshell merger
A MAJOR carmaker is set to axe up to 500 jobs just three months after a shock merger. Back in April, the merger between a luxury supercar maker and an electric car start-up came as a shock. Advertisement 2 McLaren announced its merger with Forseven in April 2025 Credit: AFP The merger between McLaren and It comes after several years of financial difficulty for the supercar company. After the pandemic it faced near bankruptcy in 2020, leading to significant restructuring. Sales continued to plummet in 2023, with the merger hoping to restore its financial position. Advertisement Read more Motors A spokesperson said that they were proposing "a potential workforce reduction of up to 500 roles across the combined organisation". They added: "The realignment of roles and responsibilities is a necessary step in preparing for the coming together of our two businesses and will ensure that our operations are streamlined to enable resilience and success over the long term." The company said they would provide "comprehensive support and guidance to all those affected" while they try to minimise the impact on employees. "Looking ahead, we remain dedicated to expanding our portfolio of luxury vehicles and delivering the exceptional customer experiences that honour the McLaren legacy," the company said. Advertisement Most read in Motors Latest Breaking A consultation process with its 2,500 employee workforce is already underway according to It reported that roles are expected to be cut in departments like design and engineering, IT, legal and HR. All UK car dealerships will STOP selling 10,000s of iconic brand's used models impacted by lethal airbag flaw Jobs that are duplicated across the two companies are The cuts could affect employees at McLaren's main base in Woking, in addition to its Bicester, Leamington and Surrey sites. Advertisement While McLaren has a The British start-up includes more than 700 industry professionals who are working to launch a luxury range by 2030. An announcement on the Forseven website reads: "Forseven has merged with McLaren Automotive with one clear vision: to become a world-beating automotive business." Advertisement Abu Dhabi investment company CYVN Holdings is set to finance the new company. As part of the merger, an estimated 300 roles have been created which could reduce the impact of redundancies. Jassem Mohamed Bu Ataba Al Zaabi, Chairman of CYVN hopes to redefine the high-performance and luxury sectors. In a Advertisement Jassem Al Zaabi said: 'I'm personally committed to making this vision a reality. It isn't just about investing, it is about shaping the future of McLaren as a brand, as a business and its place on the global automotive map. "We want to - and we will - push boundaries and deliver groundbreaking innovations that drive real progress in the sector. 'This is the start of an exciting new era for McLaren as a car brand and an automotive business." In addition to McLaren's Automotive business, he also promised to continue working on Advertisement This includes "supporting the team in building on their successes, winning more podiums, and inspiring fans worldwide." They added that more details about the vision and strategy going forward will be announced later this year. 2 It could affect employees at a number of UK offices Credit: Google maps
Scottish Sun
23-07-2025
- Automotive
- Scottish Sun
Struggling major carmaker to axe 500 jobs in ‘difficult decision' just 3 months after bombshell merger
The merger is hoped to establish the company as a global competitor HIT THE BRAKES Struggling major carmaker to axe 500 jobs in 'difficult decision' just 3 months after bombshell merger Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) A MAJOR carmaker is set to axe up to 500 jobs just three months after a shock merger. Back in April, the merger between a luxury supercar maker and an electric car start-up came as a shock. Sign up for Scottish Sun newsletter Sign up 2 McLaren announced its merger with Forseven in April 2025 Credit: AFP The merger between McLaren and Forseven could result in up to 500 job losses as part of a cost reduction process. It comes after several years of financial difficulty for the supercar company. After the pandemic it faced near bankruptcy in 2020, leading to significant restructuring. Sales continued to plummet in 2023, with the merger hoping to restore its financial position. A spokesperson said that they were proposing "a potential workforce reduction of up to 500 roles across the combined organisation". They added: "The realignment of roles and responsibilities is a necessary step in preparing for the coming together of our two businesses and will ensure that our operations are streamlined to enable resilience and success over the long term." The company said they would provide "comprehensive support and guidance to all those affected" while they try to minimise the impact on employees. "Looking ahead, we remain dedicated to expanding our portfolio of luxury vehicles and delivering the exceptional customer experiences that honour the McLaren legacy," the company said. A consultation process with its 2,500 employee workforce is already underway according to The Evening Standard. It reported that roles are expected to be cut in departments like design and engineering, IT, legal and HR. All UK car dealerships will STOP selling 10,000s of iconic brand's used models impacted by lethal airbag flaw Jobs that are duplicated across the two companies are most at risk. The cuts could affect employees at McLaren's main base in Woking, in addition to its Bicester, Leamington and Surrey sites. McLaren merged with Forseven in April to form McLaren Group Holdings, with Forseven CEO Nick Collins leading. While McLaren has a long-standing history as a leader in the supercar market, Forseven is still relatively new. The British start-up includes more than 700 industry professionals who are working to launch a luxury range by 2030. An announcement on the Forseven website reads: "Forseven has merged with McLaren Automotive with one clear vision: to become a world-beating automotive business." Abu Dhabi investment company CYVN Holdings is set to finance the new company. As part of the merger, an estimated 300 roles have been created which could reduce the impact of redundancies. Jassem Mohamed Bu Ataba Al Zaabi, Chairman of CYVN hopes to redefine the high-performance and luxury sectors. In a press release announcing the merger, the company said it hoped to "transform McLaren into a high-performing British automotive business on the global stage." Jassem Al Zaabi said: 'I'm personally committed to making this vision a reality. It isn't just about investing, it is about shaping the future of McLaren as a brand, as a business and its place on the global automotive map. "We want to - and we will - push boundaries and deliver groundbreaking innovations that drive real progress in the sector. 'This is the start of an exciting new era for McLaren as a car brand and an automotive business." In addition to McLaren's Automotive business, he also promised to continue working on McLaren Racing's long-term success. This includes "supporting the team in building on their successes, winning more podiums, and inspiring fans worldwide." They added that more details about the vision and strategy going forward will be announced later this year.
The Sun
23-07-2025
- Automotive
- The Sun
Struggling major carmaker to axe 500 jobs in ‘difficult decision' just 3 months after bombshell merger
A MAJOR carmaker is set to axe up to 500 jobs just three months after a shock merger. Back in April, the merger between a luxury supercar maker and an electric car start-up came as a shock. The merger between McLaren and Forseven could result in up to 500 job losses as part of a cost reduction process. It comes after several years of financial difficulty for the supercar company. After the pandemic it faced near bankruptcy in 2020, leading to significant restructuring. Sales continued to plummet in 2023, with the merger hoping to restore its financial position. A spokesperson said that they were proposing "a potential workforce reduction of up to 500 roles across the combined organisation". They added: "The realignment of roles and responsibilities is a necessary step in preparing for the coming together of our two businesses and will ensure that our operations are streamlined to enable resilience and success over the long term." The company said they would provide "comprehensive support and guidance to all those affected" while they try to minimise the impact on employees. "Looking ahead, we remain dedicated to expanding our portfolio of luxury vehicles and delivering the exceptional customer experiences that honour the McLaren legacy," the company said. A consultation process with its 2,500 employee workforce is already underway according to The Evening Standard. It reported that roles are expected to be cut in departments like design and engineering, IT, legal and HR. Jobs that are duplicated across the two companies are most at risk. The cuts could affect employees at McLaren's main base in Woking, in addition to its Bicester, Leamington and Surrey sites. McLaren merged with Forseven in April to form McLaren Group Holdings, with Forseven CEO Nick Collins leading. While McLaren has a long-standing history as a leader in the supercar market, Forseven is still relatively new. The British start-up includes more than 700 industry professionals who are working to launch a luxury range by 2030. An announcement on the Forseven website reads: "Forseven has merged with McLaren Automotive with one clear vision: to become a world-beating automotive business." Abu Dhabi investment company CYVN Holdings is set to finance the new company. As part of the merger, an estimated 300 roles have been created which could reduce the impact of redundancies. Jassem Mohamed Bu Ataba Al Zaabi, Chairman of CYVN hopes to redefine the high-performance and luxury sectors. In a press rele a se announcing the merger, the company said it hoped to "transform McLaren into a high-performing British automotive business on the global stage." Jassem Al Zaabi said: 'I'm personally committed to making this vision a reality. It isn't just about investing, it is about shaping the future of McLaren as a brand, as a business and its place on the global automotive map. "We want to - and we will - push boundaries and deliver groundbreaking innovations that drive real progress in the sector. 'This is the start of an exciting new era for McLaren as a car brand and an automotive business." In addition to McLaren's Automotive business, he also promised to continue working on McLaren Racing's long-term success. This includes "supporting the team in building on their successes, winning more podiums, and inspiring fans worldwide." They added that more details about the vision and strategy going forward will be announced later this year. 2
Evening Standard
23-07-2025
- Automotive
- Evening Standard
Supercar maker McLaren puts up to 500 jobs at risk after merger with Forseven
The move follows the bombshell merger of the two companies revealed in April. Forseven is a British start-up that has been assembled a team of more than 700 industry professionals, including designers, engineers and executives from rival British car companies, and is planning the launch of a range of luxury models under a new brand by the end of the decade.
Top Gear
14-07-2025
- Automotive
- Top Gear
Opinion: is an electric SUV really the answer to McLaren's problems?
Opinion McLaren's road car division has financial problems. Jethro reckons they should look to the Formula One team for solutions Skip 1 photos in the image carousel and continue reading On the face of it McLaren has everything. A rich history including the most iconic road car of all time, nine constructors' titles in F1, a personal story that takes in humble beginnings, personal triumph, outrageous Can-Am racers and cruel tragedy. Plus, it is dominating at the highest echelons of motorsport once again and has just announced a return to Le Mans in the Hypercar class. Oh, and the 750S is one of the greatest supercars ever made. What a dream. Yet it has just been taken over by Forseven. What is Forseven, you might ask? Well, quite. The LinkedIn page proudly states it is 'crafting unforgettable cars that blend British luxury with visionary technologies, forever". It's true that nobody has forgotten any of the cars. Mostly because the company hasn't actually made any. Advertisement - Page continues below Forseven is owned by CYVN Holdings, a fund backed by the Abu Dhabi government that has recently also acquired McLaren Automotive. It's 700 people strong, has a tech agreement with Chinese manufacturer Nio, is made up of notable ex-JLR staff and is described by the Financial Times as an 'all-EV British startup'. Has your heart sunk yet? Mine too. To be fair, something had to be done. The road car division of McLaren has been haemorrhaging cash for years now and its former owner (Mumtalakat, the Bahraini sovereign wealth fund) has cried enough after some £1.5 billion of investment. It's been so disastrous that McLaren had to sell its incredible headquarters and lease it back to free up some money. You might like Why the endless turmoil? I'm sure the full answer is deeply complex. But in a world where product is king, it can be boiled down to some very simple things: overproliferation of models in the early years; too many reliability woes; oversupply; cookie-cutter design. The knock on effect to all of this is historically poor residuals compared to Ferrari and Porsche's special models. Restoring buyer confidence when even fantastic cars like the 750S are half price seven minutes after the owner picks them up is very, very difficult. How do you solve a problem like McLaren? I don't proclaim to know. But all the noises emerging from the dark recesses of the internet suggest Forseven's leaders hope the answer is, erm, an SUV with an EV powertrain. I mean, why not? It literally hasn't worked for anyone else, the entire concept is in direct opposition to McLaren's brand values and history and it doesn't address the real issues at hand with, for example, the Artura. But other than that it sounds a solid plan. Advertisement - Page continues below The wildest thing of all is that the one guy I would trust to turn McLaren Automotive around works within the same building. His name is Zak Brown. He loves cars. He gets McLaren and he's made the F1 outfit (which CYVN has bought a much smaller stake in) a winning operation with an intelligent, fiercely competitive and consistent approach. It took him six years to get it back to the top, with many ups and downs along the way. The road car division is an even bigger project, yet Forseven claims to have a turnaround plan that will be executed 'at incredible pace'. Oh dear. Zak... have a word, will you? Thank you for subscribing to our newsletter. Look out for your regular round-up of news, reviews and offers in your inbox. Get all the latest news, reviews and exclusives, direct to your inbox.
