Aston Martin in trouble; soon to be five hundred employees laid off due to loss

04-06-2020 19:24
by GPblog.com
General
Aston Martin in trouble; soon to be five hundred employees laid off due to loss

Aston Martin was not doing well financially and the corona crisis did not improve the situation. That's why a mass redundancy of no less than five hundred jobs is imminent, reports Motorsport.com Thursday night.

Currently Aston Martin associated with Red Bull Racing as title sponsor, but next year it will have its own team on the grid of Formula 1. In fact, Racing Point will carry the name of Aston Martin from 2021, with Lawrence Stroll in charge of the British brand.

Aston Martin has released the financial figures for the first quarter of 2020 and it appears that it has lost 132 million euros. As a result of the corona crisis, sales of the more luxurious street cars have also come to a virtual standstill and are expected to remain so in the coming months. For this reason, Aston Martin sees no other way out than cutting five hundred jobs.

Aston Martin intervenes hard

These are not half measures because Aston Martin employs approximately 1,800 people in Great Britain. The reorganisation will cost Aston Martin in the region of £12 million, but should yield a total of £28 million.

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