04-Jun-2020 • Bond News
Following the change in leadership at the top of Aston Martin last week, the company announced today that it will slash 500 jobs from its workforce.
James Bond's favourite car-marker is deep in debt and has enduring slowing sales. A worldwide pandemic and delay of their flagship marketing tool - 'No Time To Die' - has not helped.
The news drops a day after the company's second-biggest investor reduced their stake.
Aston Martin 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.
"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," the company said.
Shares are down almost 80% from their value this time last year.