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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.  

2022 Aston Martin Vanquish to offer a manual transmission

The retail versions of the Aston Martin Valkyrie and Valhalla remain a ways off, but carmaker CEO Andy Palmer but has given us something to look forward to beyond the flagship hypercar and its baby brother. Palmer told Australian outlet Car Sales that the Vanquish would be offered with a manual transmission. The pledge fulfills Palmer's previous statement "that I want to be the last manufacturer in the world to offer manual sports cars, and I want to honor that commitment." There's at least one potential caveat with this: The seven-speed dogleg manual transmission recently released for the Vantage AMR forced a reduction in power numbers. The gearbox, developed with transmission maker Graziano to work with the Mercedes-AMG-sourced 4.0-liter twin-turbo V8, cut torque to 461 pound-feet compared to 505 lb-ft in the automatic-equipped coupe. The detune added 0.3 seconds to the 0-60 mph time, but we're confident buyers were happy with the compromise and tech bits that allowed full-throttle upshifts and rev-matching downshifts. The Vanquish will use an electrified, twin-turbocharged, 3.0-liter six-cylinder developed in-house at Aston Martin. Even so, with a lot more power and torque expected in order for the Vanquish to stand above the Vantage and battle the Ferrari F8 Tributo, McLaren 720 S, and Lamborghini Huracan, buyers could again face abridged output. Aston Martin hasn't said a word about figures, but the F8 and 720 S already crest 700 hp and bring 568 lb-ft. The Valhalla, which will use the same engine as the Vanquish but is predicted to pack around 1,000 hp, will forgo the manual. Palmer told Car Sales, "that car will only come with a paddleshift transmission." As with the Ferrari, but unlike the McLaren and the Lamborghini, the Vanquish gets a bonded aluminum tub instead of carbon. Aston Martin designed carbon tubs for the Valkyrie and Valhalla for "owners happy to sacrifice comfort for ultimate speed." Palmer explained the Vanquish's intended daily-driver usability drove the choice for aluminum, which permits a lower, narrower sill for easier ingress and egress. Having two architectures is more expensive for the small company, but Palmer explained, "Unlike McLaren we're not trying to stretch the same assets over and over again. Our approach is ... hopefully ...

Is your new-car warranty good at the race track?

We've all heard the horror stories. Your buddy knows a girl that was dating a guy whose best friend's brother once broke his brand-new, recently purchased performance car while making runs at a drag strip or laps at a track day, and the manufacturer wouldn't cover the repair under warranty. True story? Urban legend? Complete crap? Yes, no, maybe. One thing's for sure: Automotive warranties have always come with caveats. In 1908, an ad in the Trenton Evening Times clearly stated: "All Ford Cars Guaranteed for One Year." Although it changed over time, by 1925 the Ford New Car Guarantee only covered 90 days on material and 30 days on labor, and it clearly stated that that there was "No guarantee whatever on Fan Belts, Glass, Bulbs, Wiring, Transmission, Bands, Hose Connections, Commutator Shells, Rollers, Spark Plugs or Gaskets." Whether or not Ol' Henry would pay to fix your Model T if you broke it shaving a tenth off your lap time at the local board track seems to be lost to history. We're guessing no. But what about today? Do new-car warranties in 2017 cover cars when they are driven on race tracks? We researched the warranties of 14 auto brands to find out, and the answer is yes, no, maybe, depending on the brand, in some cases the model, and whether or not your car is modified from stock. Acura has been out of the high-performance car game for a number of years, but jumps back into the party in 2017 with its hybrid-powered $173,000 NSX supercar. And Acura's warranty, as well as Honda's, clearly states that it does not cover "the use of the vehicle in competition or racing events." View 33 Photos So we asked Sage Marie, Senior Manager of Public Relations for Honda and Acura. "If the car is stock, the warranty covers it on a track just as it does on the street. No question," he told us. "However, if the car is modified, say with slick tires or other components that would put higher stresses on the vehicle's parts and systems, then we would have to investigate the circumstances further." Marie went on to say the same would be true for any Acura model or Honda vehicle, including the new 2017 Honda Civic Si. This became a common theme. Chevrolet actually started this practice with the fifth-generation Camaro on the high-performance ZL1 and Z/28 models.