Aston Martin to cut up to 295 jobs as a part of restructuring

Thursday, Oct 15, 2015

British luxury carmaker Aston Martin said it would cut up to 295 jobs as it tries to turn around its loss-making business.

The 102-year old company, which had a total workforce of around 2,100 at the start of the year, said in a statement it hoped to minimise the number of job cuts by offering early retirement, voluntary redundancies and not recruiting for current open positions.

The carmaker, which is famed for models including the DB5 driven by James Bond in movies such as Goldfinger, added that production and sales targets remain unchanged for this year.

Earlier this month, Aston Martin said it was planning "meaningful" job cuts as part of a restructuring that will involve the company expanding into electric and "crossover" sport utility vehicles.

Aston, which has suffered from not being part of a wider automotive group, posted a pretax loss of 25.4 million pounds ($39 million) in 2013, the latest figures available. Its former chief financial officer told Reuters last year he did not expect it to be profitable until after 2016.

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