Car Maker Aston Martin eyes for cut in jobs to overcome financial crisis
A drop in demand following the novel coronavirus outbreak is set to make Aston Martin slice 500 jobs as it looks to reduce overall costs.
According to details, the decrease would amount to about 20 percent of the company’s overall workforce. Aston Martin in its statement said “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’s restructuring, of which the job cuts a part of, expected to deliver savings of around £38 million a year, but will cost £12 million to undertake.
Other cost-cutting steps include reducing contractor numbers, site footprint, and cutting marketing and travel spending.
Aston Martin recently welcomed a £536 million cash injection as part of a takeover from a consortium led by fashion and Formula 1 magnate Lawrence Stroll. After an enforced layoff brought about by the coronavirus crisis, Aston Martin’s St. Athan plant in Wales recently resumed production.
Earlier Carmaker Bentley cut 1,000 jobs in bid to save costs as the damage from coronavirus continues to hit the car industry hard. The troubled company said it will shortly launch consultations on the job losses, which driven by lower-than-planned production volumes and improved productivity.
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