Aston Martin to axe 170 jobs to drive savings and growth
Luxury car manufacturer Aston Martin is proposing to cut 170 jobs in a drive to boost productivity.
New CEO Adrian Hallmark said 5% of its global workforce will depart, making savings of £25m, as the manufacturer looks to ‘optimise’ its structure and deliver long-term growth.
In its preliminary results for 2024, Aston Martin reported a wider annual loss of £289.1m and a 3% drop in revenue to £1.58bn.
Industry-wide supply chain disruptions and continued macroeconomic weakness in China hit profits, leading to the manufacturer slashing wholesale production volumes by 1,000 cars (9%).
Over the last 18 months, Aston Martin has launched a new core range of models and has seen an average selling price of £245k (up 6%) due to Valkyrie, Valour and Valiant specials.
Adrian Hallmark, Aston Martin Chief Executive Officer commented: “After a period of intense product launches, coupled with industry-wide and Company challenges, our focus now shifts to operational execution and delivering financial sustainability. I see great potential in Aston Martin, and our goal is to transition from a high-potential business to a high-performing one, better equipped to navigate future opportunities and uncertainties.
“We have all the vital ingredients for success, with the support of strategic shareholders, the capability of world-class technical partners, a revitalised brand, talented people, and the strongest product portfolio in our 112-year history. This line-up is further strengthened by the upcoming Valhalla, our first mid-engined hybrid supercar, with deliveries starting in H2 2025. Moving forward, my priority is to drive operational excellence and discipline as we continue our transformation into a sustainably profitable company.
“We are committed to demonstrating that our strategy delivers long-term growth. This starts in 2025 where we expect materially improved financial performance to deliver positive adjusted EBIT for the full year and free cash flow in the second half of 2025.”
Lawrence Stroll, Aston Martin Executive Chairman commented: “With the support of Aston Martin’s strategic shareholders and the Board, we now move into 2025 under Adrian’s leadership with a truly world-class range of new core models and the eagerly awaited launch of Valhalla. Our focus remains on the continued execution of our brand and product strategy, in addition to greater operational rigor, which will underpin progress towards our near- and medium-term financial targets, creating value for all our stakeholders.”
