Aston Martin has lost £120 million so far this year.
Last year was no better with a reported £104 million loss.
New owner Stroll is cleaning up shop as well.
2020 is shaping up to be one for the record books. The good news is that it marks Aston Martin’s 70th anniversary. The bad news is that if it wants to see its 71st anniversary, drastic measures will be taken including job and spending cuts under what new owner Lawrence Stroll refers to as a fundamental reset.
The 2019 calendar year was not all that kind to Aston Martin. The increasingly competitive sports- and supercar market dealt the British luxury sports car maker a £104.3 million loss which put to company in a difficult position. So far, 2020 has literally been plagued with plant shutdowns, production delays, heavily declining sales (90% overall in the UK in May), and, in the middle of all this, new ownership at Aston Martin. The boat’s been rocked at AM and it’s not done yet.
Back in March, Lawrence Stroll and investors aided their new acquisition with an injection of cash but it wasn’t enough. Following the appointment of Tobias Moers (from Mercedes-AMG) as the new CEO and Andy Palmer’s replacement, Aston Martin will be forced to cut 500 jobs as part of this reset. Spending will also be cut by £10 million going forward.
Thankfully, the production of AM’s DBX SUV remains unaffected by the current climate and is still expected to arrive this summer.