The massive global effects of the coronavirus pandemic have had an equally seismic impact on the car industry.
McLaren is considering mortgaging its Woking factory and collection of historic racing cars in a bid to raise cash, according to reports.
Sources told Sky News that McLaren Group – which encompasses both the road car division and Formula 1 team – was considering the plan in a bid to raise up to £275 million (AUD$520 million) to help cashflow during the coronavirus pandemic. A request for a £150 million (AUD$283 million) loan from the UK government was recently rejected, according to reports.
In a statement, a McLaren spokesperson said: “Like many other British businesses McLaren has been severely affected by the current pandemic and we are therefore exploring a variety of different funding options to help navigate these short-term business interruptions.