Luxury car maker Aston Martin has announced that it will cut 5% of its workforce amid rising losses and debt. 5% of the workforce translates to 170 jobs.
The reason behind the layoffs is that the company gets to save around $31.61 million by doing so.
"Whilst we began to make progress on the group's adjusted operating expenses in FY 2024 ... we need to deliver more improvements to support future financial performance and drive operating leverage," said Chief Executive Adrian Hallmark, according to Reuters.
Prioritizing Valhalla
Reuters said its report that Aston Martin will be focusing more on its mid-engined Plug-in Hybrid Electric Vehicle (PHEV) called Valhalla. The CEO believes that the model can be a "significant contributor" to the company's financial performance in the coming years.
Only 999 units of the Valhalla will be produced, and a unit will cost around $1.1 million.
The car maker is likewise delaying plans to launch an all-electric, citing the potential risk of tariffs as of the reasons behind the move.
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Valkyrie's Upcoming Debut
Popularly associated with the "James Bond" franchise, Aston Martin was founded in 1913 as a company that is initially known as Bamford & Martin. Today, aside from selling luxury cars, Aston Martin has also dipped its toes into motorsport.
The company recently announced that its Valkyrie hypercar is set to make its debut during the opening round of the 2025 FIA World Endurance Championship (WEC). The Valkyrie is Aston Martin's first "Le Mans Hypercar."
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