海角视频 car maker Aston Martin Lagonda has confirmed plans to shed 500 jobs as part of its turnaround plans to restore profitability against a backdrop of falling sales.
The company, which employs 2,500, hasn't confirmed where the proposed job losses will fall and what impact it will have on its new car making factory at St Athan in South Wales, where it had said it hoped that employment levels could reach around 750 when at full production.
The operation currently employs around 600 and is continuing to recruit.
However, it said its first sport utility vehicle, the DBX, made at the former RAF hangar facility, "remains on track for deliveries in the summer and has a strong order book."
This could potentially cushion it to some extent from jobs losses.
The St Athan factory, which has received around £18m in Welsh Government financial support, is Aston Martin's second 海角视频 factory, alongside is established operation at Gaydon in the West Midlands. The DBX has a made in Wales plate.
The jobs cuts will generate savings of around £10m per annum. Aston Martin said it would also save £8m from reduced manufacturing costs amid lower demand, while it will also reduce capital spending by around £10m.
The 海角视频 manufacturer, famous for making James Bond’s car of choice, said it will “right-size the organisational structure” amid lower demand for sports cars, in a bid to improve profitability.
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It comes after a testing year for the manufacturer, as it was blighted with numerous profit warnings.
Last week, the company’s chief executive, Dr Andy Palmer, announced he was leaving the manufacturer after a collapse in its share price.
Dr Palmer, who has led Aston Martin since 2014, is to be replaced as chief executive by Tobias Moers, who currently runs Mercedes-AMG, which is the German manufacturer’s high-performance division.
Vale of Glamorgan Conservative MP, Alun Cairns, in a tweet, said: "This is worrying news and I have already been in touch with the company. My priority is to ensure that jobs at St Athan are protected."
He said he will maintain an ongoing dialogue with the company.
The Welsh Government said: "We are in regular contact with Aston Martin. The company has today reassured us recruitment is continuing at St Athan in line with its business plan.”