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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.  

Tesla, European automaker may share Supercharger network [w/video]

Tesla Model S owners have had the now-500-plus Supercharger locations all to themselves since the free, high-speed charging network first opened up three years ago. The day may be coming when they'll have to start sharing, however. According to CEO Elon Musk, the company is "in talks with some manufacturers" about opening up its infrastructure to other autos. The mission statement of Tesla Motors is to "accelerate the advent of sustainable transport," and it can be argued that the success of its Model S is doing this, at least to some extent, by inspiring other automakers to build long-range electric vehicles themselves. Witness the Porsche Mission E concept and Audi E-Tron Quattro Concept as two recently unveiled examples. Sharing the Supercharger system is another way to speed things up. When EV owners of other marques want to take a trip, they may find themselves facing a hodge-podge of charging networks, each with slightly different standards, availability, and fees. Supercharging for free at well-mapped and easily accessible locations can only make things easier, and Musk has long said he would like other companies to make use of the network. With some manufacturers declaring allegiance to the CHAdeMO and others, the SAE Combo system, it seemed like Tesla might not get any takers, but finally it may be getting traction. Musk mentioned the development on at least two different occasions recently at speaking engagements in Berlin: once in a morning discussion, and later during a larger meeting with the German Minister of Economy & Energy, Sigmar Gabriel. While in the first instance, Musk used the plural "manufacturers," indicating there may be discussions with more than one firm, the second mention might be more relevant to the near term. In that case, while answering a question about sharing the Superchargers, he stated that "the CEO of one European car company, not a German car company, has approached us recently about doing exactly that, and we're super supportive of anyone who wants to do that." The question now becomes, "who will be the first to use the Tesla high-speed network?" With the specific mention of a European company, and the exclusion of German ones, our best guess is Aston Martin. Its CEO Andy Palmer is quite bullish on electric vehicles and the iconic British brand already has a test mule for an 800-hp electric Rapide on the road, not to mention its fabulous DBX under development.

Aston Martin DB4 GT Zagato expected to fetch over $16M

Classic car collectors will want to head to New York on December 10. That's where RM Sotheby's will be holding its Driven by Disruption sale, with some of the most desirable pieces of automotive history on the docket. And arguably the most tempting of them is the 1962 Aston Martin DB4 GT Zagato pictured here. The start of a long and distinguished partnership between Aston Martin and Zagato, the DB4 GT is considered by many (ourselves included) to be one of the most beautiful automobiles ever made. You can judge for yourself after looking over the images in the gallery above. Only 19 were originally made, of which this, the 14th example, was the only one delivered new to Australia. After undergoing a complete restoration in 2002, chassis number DB4GT/0186/R won first-in-class awards at both Pebble Beach and Villa d'Este. RM hasn't published pre-sale estimates for how much it expects to get for this one, but in correspondence with Autoblog, a spokesperson for the auction house revealed that "it is expected to fetch in excess of $16 million USD when it crosses the podium in December." That would eclipse by order of magnitude the prices fetched at auction for previous examples in recent years, which (according to the records at Sports Car Market) have traded hands for around $2.5 million. Of course, the Aston isn't the only classic automobile consigned for the event. With two months still to go before the auction takes place, RM has confirmed a 1955 Siata 208S Spider that's expected to fetch upwards of $1.5 million, a '53 Ferrari 250 Europa (~$4 million), and a '38 Bugatti Type 57C Atalante (>$2 million). Fans of more modern and rare equipment, however, may be more enticed by the Lamborghini Concept S previously announced for the auction, expected to go for as much as $3 million.