Aston Martin, under the stewardship of former Nissan exec Andy Palmer, is in the midst of a turnaround plan that will hopefully see the automaker become financially stable for the first time in its century-long history. The plan includes new platforms and technology as well as the development of the marque’s first-ever SUV.
CHECK OUT: First Of Volvo’s Next-Generation Compact Cars Arriving In 2017
Unfortunately, to accommodate the cost of the turnaround plan, Aston Martin has needed to cut back in some areas and as a result the automaker has confirmed it is letting go of roughly 15 percent of its 2,100-strong workforce. Aston Martin states around 295 staff will be affected.
Speaking with Bloomberg, a union representative said the final figure could be higher, with perhaps as many as 314 staff losing their jobs. Most of the cuts will be taking place in administrative, professional and managerial areas.
READ: Volvo Electric Car Coming In 2019
It appears most of the factory jobs are safe, which makes sense as Aston Martin’s turnaround plan calls for an increase in production. The automaker hopes to eventually build around 7,000 of its sports cars annually, with the addition of a new sedan and the aforementioned SUV to take production volumes to as much as 15,000 annually. Aston Martin sold roughly 3,700 cars last year, which was down from the roughly 4,200 sold the year before—at a time when luxury auto sales are booming.