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Image source: Drive. |
Iconic British automaker Aston Martin has announced a 5% reduction in its global workforce as part of a cost-optimization strategy and a shift in investment focus. The company has also delayed the launch of its highly anticipated electric vehicle.
Previously, Aston Martin had planned to introduce a new electric sports car with dimensions similar to the Aston Martin Vantage. The EV was expected to feature Brembo’s intelligent braking system, Pirelli’s new P Zero tires, and “Cyber Tyre” technology. It was touted to be a “DBX707 of the electric world,” offering performance akin to its gas-guzzling supercar counterparts.
“Following a period of intensive product launches, coupled with industry and company-specific challenges, our focus is now on operational optimization and ensuring long-term financial sustainability,” CEO Adrian Hallmark told Reuters.
The brand synonymous with James Bond ended 2024 on a less-than-stellar note, with a 3% decline in revenue to 1.94 billion USD. The company’s losses for the year totaled 324.2 million USD. This follows a difficult 2023, where Aston Martin reported losses of 324.49 million USD.
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The 2025 Aston Martin Vantage. Image source: The Drive/MaxEarey. |
The luxury carmaker is now channeling its efforts into its gasoline-powered offerings, including the Vantage and the DBX707, to boost sales. The much-awaited Valhalla HEV is also expected to reach customers by the end of this year.
With the workforce reduction and strategic restructuring, Aston Martin aims to save approximately 31.6 million USD. This move is crucial for the automaker to regain financial stability amidst mounting market pressures.
Aston Martin is not alone in facing these challenges. Volkswagen and Stellantis have also recently announced job cuts, wage concessions, and production plan adjustments due to concerns over trade wars, new US import tariffs, and increasing competition from Chinese automakers.
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