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2mo ago

Aston Martin Announces Job Cuts and Delays Electric Vehicle Launch

The luxury carmaker is reducing its workforce by 5% and postponing its first electric vehicle to the late 2020s as it grapples with financial losses and shifting market dynamics.

People talk in front of covered cars on the Aston Martin stand during the 87th International Motor Show at Palexpo in Geneva, Switzerland, March 7, 2017.
The car maker, valued at £4.3 billion at its float in 2018, is now worth £1.1 billion
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Overview

  • Aston Martin will cut 170 jobs, representing 5% of its global workforce, as part of a cost-cutting plan aimed at saving £25 million annually.
  • The company has delayed the launch of its first electric vehicle to the latter part of the decade, citing customer preferences and market conditions.
  • Annual pre-tax losses increased by 21% to £289 million in 2024, with overall net losses widening by 42% to £323.5 million.
  • Wholesale car volumes fell 9% to 6,030 units in 2024, impacted by supply chain disruptions, production delays, and a sharp 49% drop in demand in China.
  • New CEO Adrian Hallmark, appointed in September 2024, aims to improve operational efficiency and transition the company toward sustainable profitability.