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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 GT8 is lightest and most powerful V8 Vantage ever

Aston Martin has revealed the upcoming GT8 variant, a race-inspired limited edition much like the earlier GT12. Only 150 will be built – 50 more than the 12-cylinder sibling. And like the GT12, none of those will be coming to North America, either. The car has already been offered to select customers, with a sketch depicting the car but without finalized photos, as the manufacturer wanted to keep the car under wraps until the unveiling. As the GT12 uses the six-liter V12 engine, the GT8 is based on the Vantage V8 and uses a 4.7-liter powerplant with 446 horsepower, a slight hike from the regular car's output. The bodywork has been made out of carbon fiber, granting it the title of being the lightest and most powerful V8 Vantage built. According to Aston Martin, all the bodywork is race-bred and not just there for show. Aston's Director of Special Projects and Motorsport, David King says that Aston Martin has "long desired to create a road car that truly reflects our racing activity at Le Mans", and that the GT8 achieves that. View 13 Photos Regarding the choice of transmission, the GT8 follows in the footsteps of the GT12 – either a six-speed manual or the seven-speed Sportshift II paddle-shift, whichever seems to suit the buyer of the motorsport-themed car. The buyer can also decide on optional weight saving measures, as the roof is also available in carbon fiber and the side and rear windows in polycarbonate. Still, there are A/C and audio systems to make the limited edition car a little more bearable than its racing counterparts. There are three optional "Halo" paint schemes to choose from, combining China Grey with blue, Stratus White with green and Stirling Green with lime detailing, the last of which is seen in these press images. Prices start from GBP165,000 ($233,880) and deliveries commence in late 2016. Related Video: News Source: Aston MartinImage Credit: Aston Martin Aston Martin Coupe Racing Vehicles Special and Limited Editions Supercars Videos vantage v8

Aston Martin considers offering new Lagonda Taraf outside of Middle East

Aston Martin officially took the wraps off its new Lagonda sedan in Dubai on Monday, revealing the luxury limousine in all its glory and revealing its nameplate as Taraf – derived from the Arabic word for "luxury" (not for some Kurdish starlet). A fitting name, since it will only be offered to select customers in the Middle East, where a large number of its '70s-era predecessors have found homes. But while the model was clearly and emphatically targeted at the Persian Gulf clientele, Aston Martin is reportedly considering offering the Lagonda Taraf in other markets as well. Both Car and Top Gear are citing Aston's new chief executive Andy Palmer on the matter from the unveiling in Dubai: "I can confirm today that we are also evaluating the opportunity to offer this Lagonda in other markets." Whether it would carry the Arabic name along with it, we don't know. Nor do we know, for that matter, if the US would be among those markets which Aston would consider selling the sedan. "We have enjoyed excellent levels of interest in the Lagonda and we are investigating possibilities for other markets besides the Middle East," said Matthew Clarke, the company's spokesman for the Americas, in correspondence with Autoblog. "However, we can't add any more or be any more specific at this very early stage." Understandable, of course, but we hope to hear good news in the near future.