The company hopes to minimize the need for such cuts by other cost-savings measures, but in all likelihood will have to make the employment reductions as well.
Aston Martin CEO Ulrich Bez said, “Like other premium car brands, Aston Martin has been forced to take action to respond to the unprecedented downturn in the global economy. These are regrettable but necessary measures in the extraordinary market conditions we all now face.
"Overall we remain confident that the Aston Martin brand is the strongest it has ever been – with dedicated design, engineering and manufacturing facilities and an award-winning product range, we remain well positioned for the upturn in the economy.”
Despite the obligatory optimisim in the statement, the job cuts amount to about one-third of Aston's workforce. Similar cutbacks have already been taken by fellow British marque Jaguar. The Tata-owned Jaguar-Land Rover complex is also seeking aid from the British government - a move not yet expected of Aston Martin, but given current market conditions, one that can't be ruled out.
The job cuts come despite the overwhelming interest in the new One-77 supercar, which has reportedly already sold out.
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