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Aston Martin to cut up to 500 jobs to reduce costs

LONDON — British luxury carmaker Aston Martin plans to shed up to 500 jobs as it seeks to bring its cost base into line with reduced sports car production levels, it said on Thursday. The job cuts come just days after Aston Martin's second-largest investor reduced its stake in the company, and a week after it confirmed that Tobias Moers, CEO of Mercedes-AMG, would become chief executive on August 1, replacing Andy Palmer. The 107-year old firm said the job losses reflected lower than originally planned production volumes and improved productivity across the business. An employee and trade union consultation process will be launched in the coming days. Aston Martin, famed for being fictional secret agent James Bond's car of choice, has seen its share price plummet since floating in October 2018. Last month it posted a deep first-quarter loss after sales dropped by almost a third due to the impact of the novel coronavirus outbreak. "The measures announced today will right-size the organizational structure and bring the cost base into line with reduced sports car production levels, consistent with restoring profitability," it said. It said its first sports utility vehicle (SUV), the DBX, which is key to boost volumes and appeal to new buyers including more women, remains on track for deliveries in the summer and has a strong order book. Aston Martin is also reducing costs and removing non-critical expenditure in other areas, including contractor numbers, site footprint, marketing and travel. It said the restructuring is expected to deliver total annual savings of about 38 million pounds ($47.6 million). Restructuring costs are expected to be about 12 million pounds. Shares in Aston Martin, down 78% over the last year, closed Wednesday at 68.9 pence, valuing the business at 1.05 billion pounds.  

Aston Martin gets to work on DB9 successor

Introduced over a decade ago, the DB9 is by now the oldest model in the Aston Martin lineup. It predates the arrival of the V8 Vantage, outlasted the Virage and DBS that spun off from it, and outlived the One-77, V12 Zagato and Cygnet that have all come and gone over the length of its tenure. But soon the current DB9 will be retired. In its place, we're looking forward to an all-new model to spell the beginning of the end of Aston's long-serving VH architecture and restrict the ubiquity of the 6.0-liter V12. In their place, as we well know, the DB9's successor will be based on an all-new aluminum platform and be powered by a 4.0-liter twin-turbo V8 to be furnished by Mercedes-AMG. Though AML insists that the engine is being developed by both parties and built by AMG to Aston's exact specifications, Autocar reports that it will be the same unit being developed for Mercedes' own models, with modifications limited to ECU, exhaust and possibly turbo boost, but with no internal modifications. Even as-is, the engine is expected to produce almost as much power as the DB9's current V12 but a bit more torque – which, combined with the lower weight, ought to make Aston's new core GT quicker than the one it will replace. Rather than using the new eight-speed automatic introduced for the latest twelve-cylinder Vanquish and Rapide S, the current DB9 is expected to continue using the old six-speed slushbox until its replacement goes with Mercedes' new nine-speed unit. Expect a step forward in styling but with familiar Aston cues, potentially previewed by the Zagato one-off pictured above and the new Lagonda sedan, when it arrives in 2016. The big question is what Aston will call the next-gen DB9. It skipped the DB8 when naming the replacement for the DB7 – ostensibly to show how big a step it was, but probably also to avoid confusion over its cylinder count. We couldn't imagine Aston going backwards in its naming scheme, but whether it sticks with DB9, moves on to DB10 or jumps to DB11, one thing's for sure: it will definitely carry the initials of the company's former president David Brown. When reached for comment on the development of the DB9 successor and what that would mean for the future of the V8 Vantage, Aston Martin spokesman Matthew Clarke told Autoblog: "Part of our agreement with Mercedes is specifically for V8 engine development but never have we anywhere made any comment as to where such engines would or wouldn't be used."

Aston Martin Valkyrie AMR Pro production car revealed

Three years ago, Aston Martin showed what it had in mind for an extra-serious AMR Pro version of the Valkyrie hypercar. It was part of a splashy Geneva display with other supercars, and it was leading into Aston's plans to take the Valkyrie to Le Mans. Then there were financial issues, a postponement of Le Mans competition, and that whole pandemic thing. But now, the regular Valkyrie is going to reach customers soon, and Aston Martin has revealed the production version of the Valkyrie AMR Pro. Aston notes that this AMR Pro Valkyrie was developed using a lot of what the company learned from the race car program, and even going a bit beyond since the AMR Pro doesn't have to meet the rules for Le Mans. The company also brings up an expected lap time of 3 minutes 20 seconds at the Circuit de la Sarthe, the track used for 24 Hours of Le Mans. For reference, Toyota's LMP race cars with no production car roots have lapped between 3 minutes 14 seconds and 3 minutes 17 seconds. Besides being an impressive theoretical time, the racing reference has us hoping the company will one day enter the Valkyrie in the recently created hypercar class. Setting aside the Le Mans connections, the Valkyrie AMR Pro really does have some major modifications compared to the standard car. The chassis is made lighter with additional carbon fiber, such as for the suspension control arms, as well as Perspex windows. The whole car is 10.5 inches longer overall due to more aggressive aerodynamic aids that double the amount of downforce the Valkyrie produces. With it, Aston claims the Valkyrie AMR Pro can produce cornering forces as great as 3G. The wheelbase is 15 inches longer, the front track is 3.8 inches wider, and the rear track is 4.5 inches wider. As for the powertrain, the Valkyrie AMR Pro will still use a version of the 6.5-liter Cosworth V12, but unlike the standard version, the AMR Pro will ditch the electric motor and its related components. This is a move to further reduce weight. Power will also be down slightly to 1,000 horsepower. Of course, that's still a lot of power, and the 11,000-rpm redline will remain. When Aston initially showed the AMR Pro, it said it would only build 25 examples. That seems to have increased, as now Aston says it will build 40 examples, plus two prototypes. A price hasn't been given, nor has availability, but apparently deliveries will start at the end of this year, not long after the regular cars reach owners. Related Video: