500 jobs to go as Aston Martin embarks on ‘fundamental reset’

Aston Martin is set to cut around 500 jobs after announcing the firm needs a “fundamental reset” to turn into a profitable company.

The car-maker says it wants to save £28m a year through axing the roles which will mean a planned reduction in front-engined sports car production to “rebalance supply to demand”.

A statement from Aston Martin said: “The measures announced today will right-size the organisational structure and bring the cost base into line with reduced sports car production levels, consistent with restoring profitability.

“Aston Martin continues to take decisive action in other areas to reduce cost and remove non-critical expenditure from the business at every level including in areas such as contractor numbers, site footprint, marketing and travel.”

The company says it will start a consultation process with staff and trade unions over coming days