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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 to keep V12 alongside new AMG V8

Aston Martin is embarking on a brave new future. After thirteen years basing the bulk of its lineup on the VH architecture, Aston is developing a new platform, and is partnering with Mercedes-AMG to develop a new V8 engine and electronic systems. But what will happen to the old platform and engines once the new ones arrive? You might think that they'd be retired, but that won't necessarily be the case. At least as far as the AM11 V12 engine goes. The 6.0-liter engine was developed by Cosworth, based on a Ford block, and first appeared on the DB7 Vantage way back in 1999, but still powers everything Aston offers, save the V8 Vantage. It's evolved heavily over the past decade and a half, rising in output from 420 horsepower to 565, but Aston is one of the only British automakers still offering a V12 these days (Jaguar no longer does, Bentley's is actually a W12 and while Rolls-Royce does, its vehicles are mostly of a decidedly more sedate nature), and will surely want to carry on that legacy. That's why Aston spokesman Matthew Clarke revealed in correspondence with Autoblog, "Our 6.0-liter V12 engine will remain, with ongoing development, at the heart of a number of our flagship models for the foreseeable future," long after the new engine being developed with Mercedes arrives. Just which models will receive the new eight-cylinder engine and which will keep the twelve remains to be seen, but we get the feeling Aston's eight-cylinder range will broaden to include more than just the Vantage. As for the VH architecture, you can expect it to sail off into the proverbial sunset once the new platform is ready, though we wouldn't be surprised to see it phased out more gradually than abruptly. A 13-year tradition doesn't end overnight, after all.

James Bond 1965 Aston Martin DB5 movie car up for auction

Aston Martin made headlines and sparked strong emotions when it announced it would be building fully-functional continuation versions of the famous gadget-laden 1964 Aston Martin DB5 from the James Bond film Goldfinger. But if a modern replica doesn't cut it, you'll have the opportunity to buy an original Goldfinger-specification Aston Martin DB5 this summer. It will go to auction at RM Sotheby's event in Monterey during Pebble Beach week, and it also features functional gadgets. This particular car is one of two 1965 Aston Martin DB5 ordered up by Eon Productions, the company behind Goldfinger and the next film Thunderball. Both cars were purchased and used as promotional cars in the U.S. for Thunderball. While they weren't used on screen, they did get all the gadgets from the film, and according to RM Sotheby's, the functioning gadgets were installed by Aston Martin and built to be used repeatedly and reliably, unlike the film cars. The auction house notes that the car has only had three private owners. It's also went through a complete restoration that was finished in 2012. That restoration also included the gadgets, so you should be able to raise the bullet-proof shield, extend the bumper overriders, activate the smoke screen, front guns and oil slick. Presumably the ejector seat doesn't actually work, but the panel above is removable. The various toggle switches along with the weapon drawer and tracking screen are all accounted for, too. When the car goes across the block in August, the price will certainly be in the seven figure range. The car was previously sold by RM Sotheby's in 2006, and it went for $2,090,000. The car had not been fully restored at that point, either, so it should go for even more this year. We'll be curious to see if it matches the $3.6 million price of the continuation cars.