Alabama on Short List for Aston Martin Plant

Aston Martin, under the stewardship of former Nissan exec Andy Palmer, is in the midst of a turnaround plan that will hopefully see the automaker become financially stable for the first time in its century-long history.

As a cost-cutting initiative, Aston Martin will slash as many as 295 jobs from its workforce, which is comprised of 2,100 employees.

Offers of early retirement and voluntary redundancies will be made to limit the impact on staff, while full-year production rates and sales projections are unchanged, Aston Martin said in an e-mailed statement yesterday.

However, UK’s largest union Unite said that it is set to oppose any compulsory redundancies in ongoing redundancy consultations with Aston Martin over proposed job losses. The cuts will mainly affect administrative, professional and managerial staff at Aston Martin’s headquarters in Gaydon, England, the labour group said.

The company is now promising its efforts to push for a revival of the luxury brand remain on track – aiming to deliver both a crossover based off the DBX concept and electric supercars in the near future.

British luxury auto marker Aston Martin may have James Bond by their side, but losses continue to mount as the company has almost tripled them over 2013 by posting a pretax loss of a whopping £72 million for 2014.