Aston Martin’s recovery strategy includes job slashing image

While the British maker of sporty and luxurious rides is undergoing a restructuring process that will see the company tap new segments of growth, including crossovers and electric autos, it will also include job cuts.

According to a spokesperson for the company, the staff reduction will mostly hit office positions and will not impact the production personnel at the carmaker, based in Gaydon, central England. At the beginning of the current year, Aston Martin had a total employee base of around 2,100 persons. “There will be a net reduction in the overall workforce at the company,” commented the spokesperson, and said the slash would be “meaningful” without actually delivering any figures. New Aston Martin chief executive officer Andy Palmer is imposing a recovery strategy at the loss-making carmaker that took a heavy sales hit following the latest financial crisis. Aston Martin is also pressure by the fact that it has remained independent and is among the few ultra-luxury marquees not affiliated with a larger group, with a pretax loss of 25.4 million pounds ($39 million) in 2013, which was the year for the latest available data.

The 102-year-old company announced back in April it had secured 200 million pounds from its key stakeholders, which are primarily Kuwaiti and Italian private equity groups, adding it would use the money to pursue the expansion plans that would include delivering the make’s first crossover vehicle and slated for delivery in 2019. Aston Martin’s first all new model will not come before 2016, when the successor of the DB9 is expected. Before that, the one-off DB10 will make an appearance in Spectre, the latest installment in the traditional James Bond spy franchise.

Via Automotive News Europe