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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.  

Aston Martin DB11 AMR coming very soon

Car manufacturers usually keep a very tight lid on upcoming product news, but because they are run by humans, mistakes are made. In this case, Aston Martin posted a link on their home media website to a page about the upcoming DB11 AMR, which we have no doubt will be the latest in the company's limited production AMR line of cars. Though they took the link down the same day, the linked page still exists and functions. There isn't really anything to see at the moment, because any assets are locked behind a password. We also reached out to Aston for information regarding the new model, but we didn't hear back from the company. Still, it's not hard to predict what this DB11 AMR will be like, since we have the preceding Rapide AMR, V8 and V12 Vantage AMRs, and the Vantage AMR Pro from which to extrapolate. It will probably have a paint scheme involving a slender center stripe, with different choices for body and stripe color. Certainly one of the color options will be the pale metallic green with a lime green stripe combo found on Aston Martin race cars. The only non-Pro AMR model to see any kind of power boost was the V12 Vantage AMR, and that was an increase of 30 horsepower, so there's a possibility the DB11 will see a mild power boost, too. The interior will likely feature loads of carbon fiber and a color-coordinated interior. In addition to its various visual updates and possible performance upgrades, the DB11 AMR will undoubtedly be extremely limited production. The Vantage AMRs numbered 300 units total, 200 of which were the V8 and 100 were the V12. The Rapide AMR run consisted of just 210 cars. Since the DB11 is available with two engines, a V8 and a V12, we could see Aston offering 300 total units split between the two engines options. And again, since the web page is still up, we expect the car will break cover very soon. Related Video: Featured Gallery 2017 Aston Martin DB11: First Drive View 58 Photos Image Credit: Aston Martin Aston Martin Coupe Performance Supercars aston martin db11 aston martin amr aston martin db11 amr

James Bond 1965 Aston Martin DB5 movie car up for auction

Aston Martin made headlines and sparked strong emotions when it announced it would be building fully-functional continuation versions of the famous gadget-laden 1964 Aston Martin DB5 from the James Bond film Goldfinger. But if a modern replica doesn't cut it, you'll have the opportunity to buy an original Goldfinger-specification Aston Martin DB5 this summer. It will go to auction at RM Sotheby's event in Monterey during Pebble Beach week, and it also features functional gadgets. This particular car is one of two 1965 Aston Martin DB5 ordered up by Eon Productions, the company behind Goldfinger and the next film Thunderball. Both cars were purchased and used as promotional cars in the U.S. for Thunderball. While they weren't used on screen, they did get all the gadgets from the film, and according to RM Sotheby's, the functioning gadgets were installed by Aston Martin and built to be used repeatedly and reliably, unlike the film cars. The auction house notes that the car has only had three private owners. It's also went through a complete restoration that was finished in 2012. That restoration also included the gadgets, so you should be able to raise the bullet-proof shield, extend the bumper overriders, activate the smoke screen, front guns and oil slick. Presumably the ejector seat doesn't actually work, but the panel above is removable. The various toggle switches along with the weapon drawer and tracking screen are all accounted for, too. When the car goes across the block in August, the price will certainly be in the seven figure range. The car was previously sold by RM Sotheby's in 2006, and it went for $2,090,000. The car had not been fully restored at that point, either, so it should go for even more this year. We'll be curious to see if it matches the $3.6 million price of the continuation cars.