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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.  

Watch Top Gear lap the Aston Martin Vulcan at Yas Marina

Late last month, we reported on Top Gear – that's the magazine, not the TV show – getting its first crack at the new Aston Martin Vulcan. While impressions of the track star were limited to text, the famous British mag has now released video of its close encounter at the Yas Marina Circuit. You want to watch this video. Despite Top Gear not actually being on the air, it's pretty clear the video team on the magazine end has taken a lot of inspiration from the telly. Stylistically, this is a good thing. But it's also good because of the details we can see on the Vulcan. Every louver, scoop, and slat seems to get attention, and the footage where the entire car is featured is just gorgeous. If you don't have flashbacks of Clarkson, Hammond, and May within the first five seconds of the video – when the Vulcan executes a lovely slide on corner exit – then we suggest you watch more TG. Driving the car is Ollie Marriage, the same bloke that wrote last month's piece on the Vulcan, and his sentiments largely echo the text. Only, you know, there's a lot more engine noise. And gear whine. And flames. Like we said, you want to watch this video. And you can. It's embedded up top. Have a look. Related Video:

Disgraced Chinese supplier claims it has been wronged by Aston Martin

In what could be called a case of carma, the Chinese plastic supplier that forced Aston Martin to recall about 75 percent of its production since 2007 now says that it has lost about most of its customers and is facing financial ruin. Shenzhen Kexiang Mould Tool Co. produced the accelerator pedal arms for most Aston Martin models out of a counterfeit plastic and may have to close its factory due to the scandal. Shenzhen Kexiang claims no wrongdoing in the affair, saying the whole matter was caused by Aston Martin not fully understanding its supply chain. Its general manager Zhang Zhi Ang told Automotive News: "This whole situation is caused by Aston Martin." According to the automaker, its supplier, Fast Forward Tooling (HK) of Hong Kong, hired the molder as a sub-contractor to supply the part. Initially, Shenzhen Kexiang claimed to have never been contracted by the Hong Kong company, but later admitted that it wasn't sure if it made the parts because it worked for so many contractors, according to Automotive News. Aston Martin found that the accelerator arms were produced from a counterfeit form of the DuPont plastic that it had requested for its sports cars. Initially the recall covered 689 2012-2013 vehicles but further research indicated that it went back as far as November 2007 for some models. Aston Martin says it will replace the throttle assemblies on the affected vehicles and that there have been no reported accidents or injuries caused by the counterfeit plastic.