Aston Martin Lagonda has announced plans to cut up to 500 jobs as the luxury carmaker gears up for a turnaround plan aimed at restoring profitability amid plunging sales.
The company, which secured new investment earlier this year after struggling since a flotation in 2018, announced just over a week ago that it was replacing its chief executive under a new strategic plan.
It said then that the COVID-19 crisis had exacerbated its sales woes, with the number of vehicles sold almost halving in the first three months of the year.
Thursday's statement said the new strategy intended to deliver £10m in operating savings each year.
Aston Martin said: "As communicated previously, the plan requires a fundamental reset which includes a planned reduction in front-engined sports car production to rebalance supply to demand.
"The company's first SUV, DBX, remains on track for deliveries in the summer and has a strong order book.
"The measures announced today will right-size the organisational structure and bring the cost base into line with reduced sports car production levels, consistent with restoring profitability."
Shares, which were trading above £5 at the time of its Initial Public Offering in 2018, have collapsed since and were 10% down at 55p-per share in early deals on Thursday.
The Warwickshire-based company, which has around 2,450 staff, did not say where it expected the planned job cuts to be made.
It has a state of the art manufacturing facility at St Athan in south Wales alongside operations at Gaydon and in Newport Pagnell.
"Aston Martin will shortly launch a consultation process on proposals to reduce employee numbers by up to 500, reflecting lower than originally planned production volumes and improved productivity across the business," the statement continued.
"Aston Martin continues to take decisive action in other areas to reduce cost and remove non-critical expenditure from the business at every level including in areas such as contractor numbers, site footprint, marketing and travel."
The company anticipated restructuring costs of around £12m this year.
https://news.google.com/__i/rss/rd/articles/CBMiaWh0dHBzOi8vbmV3cy5za3kuY29tL3N0b3J5L2Nvcm9uYW52aXJ1cy1hc3Rvbi1tYXJ0aW4tcGxhbnMtdG8tY3V0LTUwMC1qb2JzLXVuZGVyLXR1cm5hcm91bmQtcGxhbi0xMjAwMDE4OdIBbWh0dHBzOi8vbmV3cy5za3kuY29tL3N0b3J5L2FtcC9jb3JvbmFudmlydXMtYXN0b24tbWFydGluLXBsYW5zLXRvLWN1dC01MDAtam9icy11bmRlci10dXJuYXJvdW5kLXBsYW4tMTIwMDAxODk?oc=5
2020-06-04 06:11:31Z
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