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Aston Martin to cut up to 500 jobs to reduce costs

LONDON — British luxury carmaker Aston Martin plans to shed up to 500 jobs as it seeks to bring its cost base into line with reduced sports car production levels, it said on Thursday. The job cuts come just days after Aston Martin's second-largest investor reduced its stake in the company, and a week after it confirmed that Tobias Moers, CEO of Mercedes-AMG, would become chief executive on August 1, replacing Andy Palmer. The 107-year old firm said the job losses reflected lower than originally planned production volumes and improved productivity across the business. An employee and trade union consultation process will be launched in the coming days. Aston Martin, famed for being fictional secret agent James Bond's car of choice, has seen its share price plummet since floating in October 2018. Last month it posted a deep first-quarter loss after sales dropped by almost a third due to the impact of the novel coronavirus outbreak. "The measures announced today will right-size the organizational structure and bring the cost base into line with reduced sports car production levels, consistent with restoring profitability," it said. It said its first sports utility vehicle (SUV), the DBX, which is key to boost volumes and appeal to new buyers including more women, remains on track for deliveries in the summer and has a strong order book. Aston Martin is also reducing costs and removing non-critical expenditure in other areas, including contractor numbers, site footprint, marketing and travel. It said the restructuring is expected to deliver total annual savings of about 38 million pounds ($47.6 million). Restructuring costs are expected to be about 12 million pounds. Shares in Aston Martin, down 78% over the last year, closed Wednesday at 68.9 pence, valuing the business at 1.05 billion pounds.  

What's better than a garage with a lift and a kitchen? Not much, UK owners say

Some folks look to change houses because they need more room, or perhaps their current home's basement floods. Others want a “perfect garage” with a hydraulic lift. In the United Kingdom — where priorities may be different from those in the United States — research from eBay indicates that nearly two-thirds of UK motorists (65 percent) would consider moving for the ideal garage, and theyÂ’d be prepared to pay about 5% over asking price to have one. Reporting the results of a survey among 2,000 car enthusiasts, eBay says the lift and custom toolboxes would satisfy the need to makes repairs to the Aston Martin DB5 or the Jaguar E-type (the cars respondents said theyÂ’Â’d most want installed in the garage). Certainly a built-in drain would be a nice touch for washing the vehicles, as well as proper ventilation for those paint touch-ups. A small kitchen in the garage and a jukebox would be lovely, also. Those polled were also asked to make a list of nifty additions to the garage space. Among the suggestions: a snooker table, decorative lighting, a La-Z-Boy recliner, and engine hoists. According to the research, more than 4-in-10 homeowners feel that their current garage stops them from fulfilling their passion for cars. More than half would be more likely to own a classic car if they had a garage to store it in. Said Oliver Bindloss of the Bindloss Dawes Architects firm that worked with eBay on the poll: “Garages are so much more than just a functional space for cars, they must be tough and work hard, but also be enjoyable spaces to relax in. For us as architects, the perfect garage has to start with the cars themselves.” Aston Martin Jaguar Car Buying Ownership Parts and Accessories Classics

Aston Martin Valkyrie set to make 1,000 horsepower, rev to 11,100 rpm

Aston Martin is working with Cosworth to develop the Valkyrie engine, an engine (we now know) unlike that found in any other production car. Today it has shared some of the specifics. The naturally aspirated 6.5-liter V12 will make 1,000 horsepower and rev up to 11,100 rpm. We did the math, that's 153.8 horsepower per liter in a non-boosted car. Cue the jaws dropping to the floor. The first thought here goes to what this thing will sound like. Aston has us covered there with a video it tweeted out this morning, which you can play below. Developed in conjunction with longtime technical partner @Cosworth, the new V12 had to satisfy a simple, yet extraordinary brief; to create the ultimate expression of the internal combustion engine. #AstonMartinValkyrie #ASTONMARTIN #Cosworth pic.twitter.com/BQXUVD355f — Aston Martin (@astonmartin) December 12, 2018 We got a sneak preview awhile back of the sound, and this just confirms how awesome it's going to be. The noises bring us back to a time when F1 engines actually sounded good. Peak power is made at an astounding 10,500 rpm, so you'll want to rev it all the way up to the top before shifting. Torque is predictably much lower — it makes 546 pound-feet at 7,000 rpm, when most engines are either done or running out of steam. Numbers for the Valkyrie's hybrid system are still unavailable, so we'll have to wait to find out the combined output. The large V12 weighs 454 pounds, and Aston says it's a fully stressed element of the chassis — removing the engine would literally split the car in two. Titanium connecting rods, F1-spec pistons and a billet-machined crankshaft that takes six months to produce are but a few highlights of the Cosworth engine. Aston Martin says the crankshaft is 50 percent lighter than the One-77's V12 rotating assembly. Thankfully, we've been provided with a gallery of engine photos to drool over. Making such a ridiculous and powerful engine emissions-compliant enough for a road car is something every car enthusiast can appreciate. Naturally aspirated V12s are arguably one of the most satisfying engine configurations to have been put forth on this earth. One that revs to 11,100 rpm sounds like it could crack anybody's list of greatest road car engines ever. Aston Martin sounds hyped about it, and we don't blame them. This car, and this engine, are going to be monsters. View 16 Photos Related video: