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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 AMR-C01 is an Aston you can drive in your living room

Aston Martin has made a lot of amazing cars over the decades. But none of them have been able to be driven inside a house. That sort of changes now, as Aston Martin has collaborated with driving simulator company Curv to create the AMR-C01 simulator rig. The simulator is made completely out of carbon fiber, and according to Aston Martin, the leather-clad seat is designed to reflect the Valkyrie supercar's driving position. The shape of the outer shell also resembles an Aston Martin at the front. It's available in a variety of color schemes, some having been used on Aston Martin race cars and prototypes. In addition to the seat, pedals and steering wheel, the rig features a massive curved screen, and presumably there's a computer hidden somewhere in the bodywork. The company didn't give specifications, but apparently it has "Assetto Corsa" loaded as their simulator of choice. Unsurprisingly, the Aston Martin simulator is not cheap. It costs 57,500 pounds before tax, and that comes to $73,592 at current exchange rates. We suppose for a new Aston Martin, that's not a bad price, though. It's a limited production Aston, too, with just 150 units being built. Those who order one will get it by the end of the year. Related Video:

Race Recap: 2014 24 Hours of Le Mans defines 'endurance'

Commenting on the rush of events that rocked beginning and end of the 24 Hours of Le Mans, Paul Truswell of Radio Le Mans said "the race is about the ability to endure, not just the ability of drivers to do what they do for a long time." The entire race machine, all the way down to the pit boards and radios, has to survive the stress and abuse of the entire day. This was the race to prove those words.
There were two Toyotas, two Porsches and three Audis, five of the seven led the race at some point, six of the seven ran in the top three. Toyota will be hugely disappointed that it didn't win when its car and drivers were so, so strong, but they gave Audi the kind of scare we haven't seen since the best of Peugeot's days, and Toyota did a better job of it even in the loss. Porsche blew away everyone's expectations, falling 3.5 hours short of a fairy tale ending that would have made Disney cry.
But Le Mans doesn't really do fairy tales. Well, not that fairy tale. Audi's Twitter handle during the event was #welcomechallenges. As usual, Le Mans answered for the entire field.