Aston Martin to cut staff by 20 per cent

A slow down in production at Aston Martin’s Gaydon factory has seen a cut in staff. Photo: Aston Martin

Aston Martin is laying off 500 staff, with the resizing representing a cut of about 20 per cent of its workforce, as the British marque aims to bring its cost base into proportion with lesser productive volumes.

The announcement comes after the news that AMG boss Tobias Moers will replace Aston Martin’s CEO, Dr Andy Palmer, on August 1.

Moers enters with the UK car maker reporting a large loss last quarter and a share price that has been languishing since August 2018.

Lawrence Stroll led a consortium that bought 25 per cent of the firm in March, selling part of that shareholding on to another consortium led by Mercedes-AMG F1 team principal Toto Wolff.

Orders for the DBX, Aston Martin’s first SUV, remain strong and first deliveries are expected in the next few months.