Aston Martin reduced 170 jobs after expanding losses by a fifth last year and fewer cars were sold in 2023 following a series of supply chain problems and production delays.
The luxury car manufacturer, which has its headquarters in Gaydon, in Warwickshire, said that it planned to chop 5% of the workforce in the context of cost reduction measures to return to profit.
All the departments of the company have been affected, including manufacturing, office jobs and management.
In a statement on Wednesday, the company said that the objective was to ensure that the company was “resources appropriate for its future plans”, and qualified the “difficult but necessary action”.
Aston Martin – Famous for having made cars of Fictional Spy James Bond – said it was targeting annual savings of 25 million pounds sterling and is expected to reach around half of this total this year.
Since he was bought by Canadian billionaire Lawrence walked in 2020, the company continued with a band of new models of models in order to transform its sick fortune.
Adrian Hallmark was appointed new director general of the company in September in the middle of an increase in sales of its new Vantage and DBX707 models, which, according to him, helped stimulate production volumes.
The company also launched its flagship model Vanquish in September.
Aston Martin said launches have contributed to increasing sales later in the year because it began to provide more new models to customers, wholesale volumes taking 10% over a year in the second period compared to 2023.
But the company’s wholesale volumes for the whole year were still down 9% in 6,030 cars, pushing its losses before Gape by 21% to 289 million pounds additional.
He also saw his heap of debt increase by 43% to 1.16 billion pounds sterling in the year, while shares have dropped by around 33% in the past year.
Hallmark said it was “a period of intense product launches, associated with challenges on the scale of industry and business”.
He said he wanted Aston Martin “to go from a very potential business to a very efficient business, better equipped to sail in future opportunities and uncertainties”.
