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Aston Martin to cut 15 percent of workforce

Aston Martin has announced it will slash nearly 300 jobs, or about 15 percent of its total workforce, as part of a cost-cutting bid. The changes aren't going to come on the factory floor, though. Instead, according to the Unite trade union, the majority of firings will involve white collar employees – administrators, managers, and the like – at the company's headquarters in Gaydon, England, Bloomberg reports. In an emailed statement to the business outlet, Aston Martin said eligible employees will be offered early retirement options. While Aston said there'd only be 295 employees released, Unite put the number at no more than 314. "Collective consultation with employee representatives, including Unite, has begun and the company is working with them to minimize the risk of compulsory redundancies," the union told Bloomberg. Aston Martin added that this move will have no impact on the company's production figures, although it's unclear what it could mean for future vehicles, like the production DBX and upcoming DB11. Related Video:

Buy Sir Stirling Moss's '54 Aston Martin DB3S for just $10m

Bonhams estimates this rare 1954 Aston Martin DB3S will fetch as much as $10 million when it hits the auction block late next month. The fifth of 31 examples (and only 11 works racers) built, this particular DB3S was originally built for the private use of the company's owner David Brown. But after three other examples were destroyed at Le Mans in 1954, Brown handed his car over to the racing department, which replaced the fiberglass bodywork with aluminum and put it to work. Drivers like Sir Stirling Moss, Peter Collins, and Roy Salvadori drove it at Spa, the Nurburgring, and the Mille Miglia. As if that provenance weren't enough, the roadster then went on to appear in the '60s comedy School for Scoundrels alongside Ian Carmichael, Terry-Thomas, and Janette Scott – plus an Austin-Healey 100-Six and a 1928 Bentley 4 1/2 -Litre Open Tourer dubbed the "Swiftmobile." Bonhams has chassis number DBS3S/5 consigned for its upcoming sale at the old Aston Martin Works factory in Newport Pagnell. With all that history, the auction house anticipates it will sell for GBP6,000,000-7,000,000 – equivalent to $8.5-10 million at current exchange rates. That would, according to the records at Sports Car Market, make it one of the most valuable Astons ever sold at auction, besting the DB3S that Gooding & Company sold in 2014 for $5.5 million. Related Video: THE 1954 ASTON MARTIN DB3S: CAR OF THE SILVER SCREEN RACED BY THE GREAT STIRLING MOSS, NOW OFFERED AT BONHAMS A rare Aston Martin Works team car – chassis number DB3S/5 – which was campaigned in period by such legendary racing drivers as Sir Stirling Moss, Peter Collins and Roy Salvadori, and latterly went on to co-star with Terry-Thomas in 1960s movie classic 'School for Scoundrels', will be offered at Bonhams Aston Martin Works Sale on 21 May 2016. It is estimated at GBP6,000,000-7,000,000. This historic Aston Martin began life as the personal road car of David Brown, the multi-millionaire industrialist owner of the Aston Martin marque. Under Brown's reign the legendary post-World War 2 'DB' series of Aston Martin cars were built, including the Atom, the DB2, DB3, DB4, DB5, DB6, DB7, DB9 and the DBS, all named using Brown's initials. Aston Martin also built a number of DB3S models for the Works racing team.

Canadian billionaire Lawrence Stroll leads $240 million Aston Martin investment

After months of rumors and speculation, Canadian billionaire Lawrence Stroll confirmed he led the purchase of a 16.7% stake in Aston Martin for GBP182 million ($239 million). The investment is part of a GBP500 million ($656 million) round of emergency funding that will help the British automaker overcome serious financial challenges. Yew Tree Overseas Limited, a consortium of international investors led by Stroll, built its stake by buying 45.6 million new ordinary Aston Martin shares on the London Stock Exchange, according to Autocar. Aston Martin raised the remaining GBP318 million ($417 million) by giving existing investors the opportunity to buy more shares, the BBC learned. It's not a full bailout, but it's close. Aston Martin ended 2019 in dire financial straits. Stroll will replace Penny Hughes as Aston Martin's chairman; CEO Andy Palmer is expected to keep his job. Several sources confirmed the Racing Point Formula One team owned by Stroll will be rebranded Aston Martin after the 2020 season, and Autocar reported the company will quickly need to eliminate jobs and slash costs. "The difficult trading performance in 2019 resulted in severe pressure on liquidity, which has left the company with no alternative but to seek substantial additional equity financing. Without this, the balance sheet is not robust enough to support the operations of the group," Hughes admitted in an interview with the BBC. Stroll's' appointment to the Aston Martin board comes as the company prepares to overhaul its product plan. It notably confirmed the rumors claiming it put the battery-powered Rapide project on the back burner until further notice, and it delayed plans to revive the Lagonda nameplate on a series of extra-luxurious electric vehicles until after 2025. The first car was originally scheduled to reach the market in 2022, but the battery technology is expensive to develop, and Aston must save about 10 million pounds (around $13 million) annually. The firm will instead focus on mid-engined sports cars. Still according to Autocar, it will begin delivering the 1,160-horsepower Valkyrie hypercar this year, and it's on track to launch the Valhalla in 2022. The Vanquish will go mid-engined shortly after. Delaying electric cars doesn't mean abandoning electrification, and Aston Martin hopes to release "a fuel-efficient, modular V6 engine with hybrid capabilities" by the middle of the 2020s.