Aston Martin has axed a third of its workforce, as falling sales take their toll on the British sports car brand.
The iconic marque will make redundant 300 of its permanent staff and 300 temporary workers. Aston Martin employs about 1800 people in the UK.
“Like other premium car brands, Aston Martin has been forced to take action to respond to the unprecedented downturn in the global economy,” said CEO Ulrich Bez. “These are regrettable but necessary measures in the extraordinary market conditions we all now face.”
The company is confident that the cutbacks won’t affect delivery of its future products. It says the redundancies are necessary to ensure that Aston is best placed for the future.
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Re: Aston cuts third of workforce
I bought a pre-regd. RR TDV8 in August with a then generous 24.2 % discount off list -anyone who has cash to spend now on a new or nearly new premium brand car is in an enviable position.
Re: Aston cuts third of workforce
This mass layoff is pretty terrifying, but theoretically it's a temporary measure to help them get through this very dark time. By the time the proposed Lagonda brand is launched, it will be many years later - by which time the recession may well be over, these things aren't permanent.
I say 'theoretically' though because recessions can be lethal for small, independent luxury car companies. Given that the investors have only quite recently spent that massive sum acquiring the company (so there's not much chance of significant further capital being pored in any time soon), and the next generation of Aston Martins is still some time away, AM is in a very precarious financial position right now. Let's hope the Rapide proves a strong seller.