(qlmbusinessnews.com . Thurs 27th Feb, 2025) London, UK —
Aston Martin to Cut 170 Jobs Amid Declining Sales
Luxury car manufacturer Aston Martin has announced plans to cut 170 jobs following a challenging year marked by supply chain disruptions, production delays, and a decline in sales.
The Warwickshire-based company, renowned for its association with James Bond films, confirmed that the job losses would impact approximately 5% of its workforce across multiple departments, including manufacturing, office roles, and management.
The decision comes as Aston Martin seeks to streamline operations and achieve annual cost savings of £25 million, with half of that target expected to be met this year. In a statement issued on Wednesday, the company described the job cuts as a “difficult but necessary action” to ensure it is “appropriately resourced” for the future.
The announcement follows a tough financial year for the firm, which saw wholesale volumes drop by 9% to 6,030 vehicles, leading to a 21% increase in pre-tax losses, now standing at £289 million. The company’s debt has also surged by 43% to £1.16 billion, while shares have fallen by approximately 33% over the past year.
Since being taken over by Canadian billionaire Lawrence Stroll in 2020, Aston Martin has been striving to revitalise its fortunes with a series of new model launches. The recent introduction of the Vantage, DBX707, and flagship Vanquish models helped drive a 10% increase in sales during the latter half of 2023, but overall figures remained lower than expected.
Adrian Hallmark, who took over as CEO in September, acknowledged the firm’s recent challenges, stating that this period has been one of “intense product launches” alongside broader industry difficulties. However, he remains committed to transforming Aston Martin from a “high-potential business to a high-performing one, better equipped to navigate future opportunities
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