Aston Martin urged to reconsider slashing 500 jobs

Union officials have urged Aston Martin to reconsider 500 job losses announced at the embattled luxury sports car-maker.

As the car of choice for secret agent James Bond, Aston Martin is one of the most revered brands in the world. Picture Ian Rutherford
As the car of choice for secret agent James Bond, Aston Martin is one of the most revered brands in the world. Picture Ian Rutherford

The famous British marque said it will shortly launch consultations on the job losses, which have been driven by lower-than-planned production volumes and improved productivity. The restructuring move is expected to cost some £12 million.

However, it added that the strategy is intended to deliver £10m in operating cost savings each year. It said it will also save around £8m from reduced manufacturing costs amid lower demand, while reducing capital spending by about £10m.

Hide Ad
Hide Ad

Unite regional officer Tim Parker said: “We urge the company to reconsider the scale and number of the redundancies during the 45-day consultation period as the UK economy will need their highly-prized skills once the pandemic recedes.

“We will oppose any compulsory redundancies and any job losses should be achieved via voluntary means. We also call on the UK government to provide financial support and investment for Aston Martin to protect the future of this UK-based world class sports car manufacturer.”

Christian Stadler of Warwick Business School and an expert on the automotive industry said: “It is no surprise that car manufacturers and dealers are feeling the pinch after sales plummeted during lockdown.

“However, a far bigger concern is that sales are unlikely to bounce back as lockdown is eased. Many people will feel less secure financially.”

Read More
James Bond car maker Aston Martin pledges to get factories motoring again

A message from the Editor:

Thank you for reading this story on our website. While I have your attention, I also have an important request to make of you.

With the coronavirus lockdown having a major impact on many of our advertisers - and consequently the revenue we receive - we are more reliant than ever on you taking out a digital subscription.

Subscribe to scotsman.com and enjoy unlimited access to Scottish news and information online and on our app. With a digital subscription, you can read more than 5 articles, see fewer ads, enjoy faster load times, and get access to exclusive newsletters and content. Visit https://www.scotsman.com/subscriptions now to sign up.

Hide Ad
Hide Ad

Our journalism costs money and we rely on advertising, print and digital revenues to help to support them. By supporting us, we are able to support you in providing trusted, fact-checked content for this website.

Joy Yates

Editorial Director

Comments

 0 comments

Want to join the conversation? Please or to comment on this article.