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Aston Martin to cut one-fifth of jobs due to Covid-19-related stress

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This is just two months after Canadian billionaire Lawrence Stroll led a £536m capital infusion that was meant to rescue the company

The DB11 signals a whole new era for Aston Martin. Picture: SUPPLIED

The British company will begin consulting with employees and unions in coming days about building fewer front-engined sports vehicles, Aston Martin said in a statement on Thursday. The vehicle maker is targeting savings of about £18m in operating and manufacturing costs, while also lowering capital expenditure by a further £10m.

Aston Martin is reducing the workforce just two months after Canadian billionaire Lawrence Stroll led a £536m capital infusion that was meant to rescue the debt-laden company. In May, Aston Martin ousted CEO Andy Palmer in favour of Tobias Moers, who leads Daimler’s Mercedes-AMG performance division and will join Aston Martin on August 1.

 

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