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.

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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.”

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