2020 Aston Martin Vantage on 2040-cars

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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 DBS Superleggera Concorde Edition celebrates airspeed

This year is the 100th birthday of British Airways, as well as the 50th anniversary of the first flight for the Aerospatiale/BAC Concorde supersonic passenger jet. Today marks the 16th anniversary of the Concorde's final hop, when Concorde 216 registered as G-BOAF flew from Heathrow to Bristol, England, with 100 BA employees on board, to roll into a display space at the Aerospace Bristol museum. That same plane was the last Concorde built, coming off the line in 1978 at BAC Filton Bristol. To celebrate the plane and BA and its aerospace neighbor, Aston Martin Bristol commissioned 10 special editions called the DBS Superleggera Concorde. Pieced together with the expertise of Q by Aston Martin, the coupe is the latest in Aston Martin's aviation-inspired Wings Series specials, following the Vanquish S Red Arrows Edition, Vantage Blades Edition, and V12 Vantage S Spitfire 80. Dressed in white, the coupe gets ornament in British Airways livery colors on the front splitter, roof strake, rear spoiler, rear diffuser, and inside the Aston Martin wings badge. A Concorde graphic decorates the black, carbon fiber roof, and a Concorde-shaped chunk of solid aluminum streaks through the side strakes. The British Airways "Speedmarque" logo is on the front fender above the black enamel Q by Aston Martin badge, the rear fenders wearing registration G-BOAF.    Printed Alcantara on the Superleggera's cockpit headliner displays a sonic boom graphic, the front visors get mach meter graphics, the front seats show off Concorde and Speedmarque logos. Pieces of titanium compressor blades from the supersonic bird have been turned into paddle shifters, and embossed solid aluminum seatbelt buckles shine the Concorde again. The floor mats adopt a design by Sir Terence Conran, he being one of three designers commissioned to upgrade the Concorde's interior not long before the jet went out of service. The 5.2-liter V12 engine holds steady at 710 horsepower and 664 pound-feet of torque, plenty of thrust for booming travel on the ground. Aston Martin Bristol says it will donate part of the proceeds from each sale to the Air League Trust, a nonprofit that teaches underprivileged children how to fly and helps open doors for them into engineering professions.

UK car output falls 14% in March, may get worse with no-deal Brexit

LONDON — British car output fell for the 10th month in a row in March, hit by a slowdown in key foreign markets, and the sector stands to suffer a lot more if the country leaves the European Union without a deal, an industry body said on Tuesday. Output tumbled by an annual 14.4 percent to 126,195 cars in March, the Society of Motor Manufacturers and Traders said. Exports, which account for nearly four out of every five cars made in Britain, were down by 13.4 percent. The SMMT said analysis it had commissioned predicted output would fall this year to 1.36 million units from 1.52 million in 2018, assuming London can secure a transition deal with the EU. If Britain has to rely instead on World Trade Organization rules for its trade with the bloc, which include import tariffs, output is forecast to fall by around 30 percent to 1.07 million units in 2021, returning to mid-1980s levels, the SMMT said. The forecasts were produced for SMMT by AutoAnalysis, a consultancy. Prime Minister Theresa May has secured a delay to the Brexit deadline until Oct. 31, giving her more time to try to break an impasse in parliament over the terms of Britain's departure from the EU. Foreign minister Jeremy Hunt traveled to Japan earlier this month to try to persuade the Japanese government and Toyota, which has a big presence in Britain, that London was determined to avoid a no-deal Brexit. "Just a few years ago, industry was on track to produce 2 million cars by 2020 — a target now impossible with Britain's reputation as stable and attractive business environment undermined," SMMT chief executive Mike Hawes said. "All parties must find a compromise urgently so we can set about repairing the damage and diverting energy and investment to the technological challenges that will define the future of the global industry." (Reporting by William Schomberg, editing by David Milliken)