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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 DB11 AMR coming very soon

Car manufacturers usually keep a very tight lid on upcoming product news, but because they are run by humans, mistakes are made. In this case, Aston Martin posted a link on their home media website to a page about the upcoming DB11 AMR, which we have no doubt will be the latest in the company's limited production AMR line of cars. Though they took the link down the same day, the linked page still exists and functions. There isn't really anything to see at the moment, because any assets are locked behind a password. We also reached out to Aston for information regarding the new model, but we didn't hear back from the company. Still, it's not hard to predict what this DB11 AMR will be like, since we have the preceding Rapide AMR, V8 and V12 Vantage AMRs, and the Vantage AMR Pro from which to extrapolate. It will probably have a paint scheme involving a slender center stripe, with different choices for body and stripe color. Certainly one of the color options will be the pale metallic green with a lime green stripe combo found on Aston Martin race cars. The only non-Pro AMR model to see any kind of power boost was the V12 Vantage AMR, and that was an increase of 30 horsepower, so there's a possibility the DB11 will see a mild power boost, too. The interior will likely feature loads of carbon fiber and a color-coordinated interior. In addition to its various visual updates and possible performance upgrades, the DB11 AMR will undoubtedly be extremely limited production. The Vantage AMRs numbered 300 units total, 200 of which were the V8 and 100 were the V12. The Rapide AMR run consisted of just 210 cars. Since the DB11 is available with two engines, a V8 and a V12, we could see Aston offering 300 total units split between the two engines options. And again, since the web page is still up, we expect the car will break cover very soon. Related Video: Featured Gallery 2017 Aston Martin DB11: First Drive View 58 Photos Image Credit: Aston Martin Aston Martin Coupe Performance Supercars aston martin db11 aston martin amr aston martin db11 amr

Aston Martin 'Goldfinger' DB5 continuation cars' gadgets revealed

Awhile back, Aston Martin announced that it would create some Aston Martin DB5 sports cars that replicate James Bond's car in the movie "Goldfinger." What really got our attention was that Aston Martin intended to give it functional gadgets. The company has finally provided a list of the details it intends to replicate, along with some samples of progress, and it's all quite impressive. The list of functional or semi-functional gadgets that will be included is extensive. About the only thing that won't operate is the passenger ejector seat, which is completely understandable. Otherwise, the car will have rotating license plates, extending bumper rams, an oil slick system, smoke screen generator a simulated radar screen in the center stack, switches under the armrest and shift knob and a weapons storage tray under the seats. Under the semi-functional list are the machine guns and raising bullet shield. We say semi-functional because the machine guns don't actually fire anything, and we doubt the bullet shield should be put to the test. The company also released video showing the progress on the smoke screen, oil slick and machine guns. The oil slick is easily the most impressive, as the dispenser deploys from behind the taillight and sprays in the same fan pattern from the movie. And it very clearly will spray liquid, though actual oil spray is probably inadvisable in real life. The machine gun, while not actually firing shots, is still impressive to see. It deploys from behind the turn signals, and it lights up and recoils in a very convincing manner. The smoke screen is less impressive after all this, but it still looks true to the movie, since it appears it will send smoke out the tailpipe. This car is turning out to be the ultimate piece of Bond memorabilia with its shockingly realistic and well-integrated gadgets. So we're inclined to agree with our West Coast Editor and resident Bond expert James Riswick that this is totally worth the 2.75 million pound price tag. And if you don't agree, you may find the Lego DB5 model more acceptable.