Major British brand Aston Martin has announced plans to slash five per cent of its workforce and delay its first electric vehicle in a cost-cutting drive.
The Gaydon-based supercar manufacturer said it would be cutting around 170 jobs from its global workforce in a move to save around £25million.
Aston Martin reported full-year losses of more than £289million, as well as a three per cent drop in revenue, at just £1.58billion.
The brand also announced that it would be delaying the production of its first electric vehicle, which was scheduled to launch in the coming years.
Do you have a story you'd like to share? Get in touch by emailingmotoring@gbnews.uk
Aston Martin said it would be delaying the launch of its first electric vehicle again
ASTON MARTIN/GETTY
The brand said it would now focus on its mid-sized plug-in hybrid Valhalla, with plans to launch its first electric vehicle towards the end of the decade.
It comes after the brand previously delayed the rollout of its EV to 2026, citing a lack of consumer demand for its luxury vehicles.
Adrian Hallmark, chief executive of Aston Martin, said: "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."
Aston Martin has made large strides in releasing new supercars in recent years, headlined by its hypercar offering with the Valkyrie.
The Valhalla, which the company is relying on to turn its fortunes around, is the brand's first hybrid supercar, packed with a 4.0-litre twin-turbo V8 engine.
It has a staggering top speed of 217mph, while its Vantage coupe model has a top speed of 202mph, although both of these cost more than £150,000.
Aston Martin will cut around 170 jobs across its global workforce
PA
More brands have recently been warning of external threats from non-traditional manufacturers offering cheaper alternatives, with many coming from China.
Stellantis and Volkswagen have warned of rising manufacturing costs, while brands from China are able to continually slash prices, despite offering impressive electric battery ranges and technological features.
Companies like BYD and SAIC have already made major strides in developing their presence across Europe and North America as they look to secure sales outside of China.
Bosses at Aston Martin, which is synonymous with the James Bond franchise, have previously issued warnings about the future of an all-electric future.
LATEST DEVELOPMENTS:
- Elon Musk blamed as Tesla sales plummet 45% across Europe with drivers put off from buying EVs
- New number plate changes to be rolled out this week could see drivers fined £1,000 for breaking major rules
- Drivers given one month's notice to use major car tax loophole and save £195 before prices hike in April
Aston Martin originally planned for its electric vehicle to launch in 2025
ASTON MARTINSpeaking in April last year, Lawrence Stroll, owner of the Aston Martin F1 team, said: "We planned to launch at the end of 2025 and were ready to do so, but it seems there is a lot more hype in EVs, politically driven or whatever, than consumer demand, particularly at an Aston Martin price point."
