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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 designs another house, this one overlooking Tokyo

In Japan, where so many apartments aren’t much bigger than the cabin of a Bentley, it probably doesnÂ’t makes sense that Aston Martin plans to build a luxury home with a vista overlooking Tokyo. Of course, the home, designed as it will be by Aston Martin artists, will feature an automotive gallery. And after oneÂ’s parked his car, he can enjoy the wine cellar, in-house cinema, gym, and the private spa. The four-story property, already sold (price not revealed) and due for completion in about a year, is the British brandÂ’s first collaboration with homebuilders in Asia, but it is not the first time Aston has dipped a toe into projects other than automobiles. In 2018, the company launched a power boat, the AM37, a $1.6 million toy that was the result of two years of research and development. Supposedly designed with similar proportions that Aston applies to its vehicles, the top trim level AM37S makes an estimated 50 knots derived from its twin 520 horsepower Mercury petrol engines. Aston Martin even got into the personal luxury submarine game. Aston has also partnered to build a 6,000-square foot  “house” called Sylvan Rock in the Hudson Valley in upstate New York, costing $7.7 million, and is collaborating on the construction of a 66-floor, high-rise condominium in MiIami. Top price for a unit: $50 million. But the view is very nice. For the so-called “holistic” extravaganza near Tokyo, Marek Reichman, executive vice president of Aston, said: “The influence of Tokyo culture, with its amazing history and style, holds an important creative space within our design studio. I see fashion, architectural and even culinary references being considered by our team.” Japanese luxury real estate developer firm VIBROA is working with Aston Martin on the project, with an eye toward expanding the carmakerÂ’s presence in Asia. Related video:

The Aston Martin Rapide leads this month's list of discounts

Aston Martin was an early entrant into the coupe-shaped sedan battlefield with its rakish Rapide. It was first shown in concept form in 2006 at the Detroit Auto Show before finally going into production in 2010. Ten years have passed since then, and this could well be your last chance to drive a new Rapide off your neighborhood Aston Martin dealership's lot as the four-door is replaced by the DBX crossover. If you've got your eye on a new Rapide — and congratulations if so — you'll be pleased to know that you can snag a 2019 model for the low price of just $217,484. Sure, that's still a lot of money, but it's $24,341 off the car's average $241,825 sticker price. That's the largest monetary savings of August, 2020, and it represents a discount of a little over 10%. And even if the Rapide is getting a little long in the tooth, it's still a strikingly beautiful machine, particularly in its most recent AMR guise. Looking for something different but still extremely rapid? The 2019 Acura NSX is selling for an average transaction price of $142,141. That's an 11% savings off its sticker of $159,703. Or you could opt for a Maserati Quattroporte if you'd like the convenience of a luxury sedan but not the price of the Aston Martin – the four-door Trident-badged machine's average transaction price this month of $107,372 is a 12.4% discount. And if none of that is up your alley, you could go full baller with a Rolls-Royce Cullinan SUV for $320,085. That's a savings of $12,665 off the car's average retail price of $332,750. Just think of how much Grey Poupon you could afford with all that leftover cash. For a look at the best new car deals in America based on the percentage discount off their suggested asking prices, check out our monthly recap here. And when you're ready to buy, click here for the Autoblog Smart Buy program, which brings you a hassle-free buying experience with over 9,000 Certified Dealers nationwide. Related Video: Featured Gallery Aston Martin Rapide AMR View 10 Photos Acura Aston Martin Maserati Rolls-Royce Car Buying Convertible Coupe SUV Luxury Performance Sedan consumer best deals