Aston Martin slashes jobs
Restructure means 14 per cent of British sports car maker's workers will goSports car maker Aston Martin will shed 295 jobs this year as it tries to stem its losses.
The maker of sports cars like the Vantage and the Rapide sedan will offer early retirement and voluntary redundancy instead of cutting workers, it said in a statement.
With 2100 workers at the beginning of 2015, spread across its Gaydon, England and Cologne, Germany facilities, Aston Martin admitted last month that its restructure would involve “meaningful” job reductions.
Under CEO Andy Palmer, Aston Martin has announced plans to move into battery-electric sports cars and crossover SUVs to go alongside its established sports car business.
Independent since 2007, a Middle Eastern sovereign wealth fund and an Italian investment firm own most of Aston Martin, though Mercedes-Benz’s parent company, Daimler, has a small stake thanks to a technology transfer.
It lost £25.4 million ($A53.6m) in 2013, the last year of available figures.
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