Aston Martin said the job losses reflected lower than planned production volumes and improved productivity across the business. An employee and trade union consultation process will begin in the coming days.
The automaker’s share price has plummeted since listing 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 coronavirus outbreak.
Aston Martin is also reducing costs and removing noncritical expenditure in other areas, including contractor numbers, site footprint, marketing and travel.
Aston Martin is reducing the workforce just two months after Canadian billionaire Lawrence Stroll led a 536 million-pound capital infusion that was meant to rescue the debt-laden company.