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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 shows what it does best with V8 Vantage GT, DB9 Carbon Edition

Aston Martin shocked us when it announced at the 2014 New York Auto Show that 2015 V8 Vantage GT (pictured above) was priced at $99,900. While hardly inexpensive, a sub-$100k Aston seemed like a bargain. It was joined by the unveiling of the DB9 Carbon Edition that mixed sport and luxury in the brand's traditional style. The Vantage GT is available as a coupe, or for a little bit more money, as a convertible. Regardless of body, buyers get a 4.7-liter V8 with 430 horsepower and 361 pound-feet of torque, and that power is routed through a seven-speed automated manual with magnesium paddle shifters or a traditional six-speed manual. Even for a 'cheap' Aston, the GT still offers luxury features like Alcantara trim, carbon fiber doorsill plates and seats from the V12 Vantage S. The one on display in New York wears one of the optional motorsports-inspired graphics packs that add contrasting paint around the grille, mirror caps, rear diffuser blade and roof pillar. The $199,995 DB9 Carbon Edition packs a 6.0-liter V12 rated at 510 hp and 457 lb-ft and a six-speed automatic transmission. Available as Carbon Black or Carbon White, the package adds carbon fiber side strakes and taillight trim. Buyers who want even more can add a carbon fiber front splitter, rear diffuser and mirror caps. Black leather covers the interior, and the shade of the contrasting stitching comes from that of the brake calipers. Deliveries for both models start in the third quarter. Scroll down to get the full scoop on them. Aston Martin Launches Two New Special Editions at New York ? New motorsport-honed $99,900 Vantage GT brings Aston Martin brand closer than ever before; offering 430bhp and a top speed of 190mph ? DB9 Carbon Edition offers eye-catching looks and classic understated elegance ? Both cars will make international debuts at 2014 NYIAS Irvine, CA, 15 April 2014 - Aston Martin is unveiling two exclusive new special editions for North American markets at the 84th New York International Auto Show this week. The great British sports car marque, now in its 101st year, is debuting a bold addition to its iconic V8 Vantage range as well as dramatic new special edition variants of the timeless DB9, underlining the company's ability to create cars that sit apart from the mainstream.

Why yes, my $3.6 million would go to a new 007 Aston Martin DB5

Funniest damn thing happened today. Turns out my grandfather invested in what he thought was a fruit company in the early 1980s, and 35 years later, we just discovered the Riswicks are all now multi-millionaires. That farmer Jobs guy really knew his orchard. So, what to do with my $3.6 million share. What's that you say? Aston Martin has announced it will be producing 28 new "continuation" 1964 DB5's, all in Silver Birch, and all packing vintage Q Brand gadgets from Goldfinger? Oh, well all of the money will be going to that, then. Now, Mr. Okulski over at the Road & Track would argue that the continuation James Bond DB5 has "killed nostalgia." He says that "it feels wrong," that Aston Martin is doing too much good stuff at the moment to resort to such nostalgia plays. Especially when you cannot drive the continuation DB5 on the road. That's right, every one of them is not road legal. In this country, or any other that you'd realistically want to drive a DB5. I reached out to Aston Martin to confirm why this is, and indeed, governments the world over frown upon any vehicle that possesses spinning tire shredders that extend out from the wheel hubs. Not to mention oil slicks, rotating number plates and the rest of the gadgets to be installed over the course of the estimated 3,000-hour build by the team headed by current Bond special effect guru Chris Corbould. Hmm, no kidding. Even without the guns and ejector seat, trying to make it road legal would be completely and unrealistically complex. In other words, if a DB5 with all the gadgets is to exist, it can't drive on public roads. And if you want a "new" 1964 DB5, don't you automatically want it in Silver Birch and packed with James Bond gadgets? Yes, you damn well do. I know this, because if I could outfit my BMW Z3 in Atlanta Blue with stinger missiles, a parachute and "all-points radar," I damn well would. I absolutely, 100 percent own my car because of nostalgia for GoldenEye, and I won't apologize for it. The Tina Turner theme song is cued up on the iPod. And yeah, I'd buy one of these, too. Now, I must admit that the DB5's road illegality is lame. But let's dig deeper. First, let's face the fact that most multimillion-dollar collector cars are driven less than the potted plants in my living room. They could all be road illegal and it wouldn't matter. If they're lucky, they're trailered to a golf course somewhere and driven slowly around the 18th fairway by a man in a jaunty hat.