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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.  

GM says second recalled ignition switch was made in China

The defective ignition switch that led General Motors to recall an additional 3.4 million large sedans earlier this month was manufactured in China, according to a report filed with safety regulators obtained by Reuters. The switches can be knocked out of the run position, much like those affecting the Chevrolet Cobalt and other GM small cars, turning off the engine and safety systems like the airbags. Unlike GM's previous ignition switch recall, though, this latest issue will see dealers simply modify the key rather than replace the ignition switch outright, despite the fact that the switches were "slightly" below torque specifications. If what GM is claiming about this switch's origin is true, it'd mark the second high-profile recall of a part manufactured in China, following Aston Martin's (relatively) huge recall due to faulty accelerator arms in over 75 percent of the cars it had built since 2007. For what it's worth, from our perspective, the link between the Aston plastics and this GM switch seems just a bit too tenuous for us to put a lot of stock in GM's problems stemming from the location of its parts supplier, especially when the related investigation into its corporate culture has resulted in so many other culpable actors. Featured Gallery 2008 Buick Lucerne CXL Special Edition News Source: Reuters Recalls Aston Martin GM Safety supplier gm ignition switch recall gm safety ignition switch

Aston Martin confirms new platform under development

It's been thirteen years since Aston Martin introduced the original V12 Vanquish. The model was effectively been replaced twice over by the time it reached its Bar Mitzvah, but its underlying platform is still around. And not just around, either: it underpins everything Aston makes and has made ever since it came on the scene, save for the Cygnet and the One-77 supercar. That includes the V8 and V12 Vantage, the short-lived Virage, the new Vanquish, the DB9, DBS, V12 Zagato and even the four-door Rapide. But while it may seem like forever that Aston's been using the VH platform, it won't be around forever more. In announcing its positive financial results for 2013, Aston Martin CFO Hanno Kirner confirmed: "We are engineering a completely new architecture and technologies to ensure that our next generation of sports cars is at the forefront of design, performance and technology." The new platform is expected to underpin the next generation of Astons Martin, and will be powered by a new V8 engine being developed by Mercedes-AMG, similar to the arrangement that sees V12s furnished to Pagani for the Huayra. Whether an AMG-developed V12 is also in the cards for Aston Martin remains to be seen – the company ran on V8 power alone from the mid 70s (when its six-cylinder engine was retired) until the Ford-developed DB7 brought six- and then twelve-cylinder power. That aging but glorious 6.0-liter engine, by the way, still powers the vast majority of the company's lineup. The platform and associated technologies are being funded by the influx of capital from shareholders Investindustrial, Primewagon and Adeem Investment and by a 13-percent increase in revenue due to the launch of the new Vanquish Volante and V12 Vantage S, as well as the company's expansion into new markets like Mexico and Thailand. It wasn't long ago that upon spending a week with the company's Vanquish coupe that we fell just short of love, wondering aloud how long Aston could weather its uncertain financial picture while still relying heavily on elderly technology and drivetrains cradled in elderly platforms. We now appear to have our answer, and we like what we're hearing. Aston Martin Holdings (UK) Limited Full Year Results 2013 28 April 2014, Gaydon: Aston Martin Holdings (UK) Limited is today announcing full year results for the 12 months ended 31 December 2013.