Aston Martin cost cutting eliminates 300 jobs

Aston Martin is preparing to eliminate approximately 300 jobs to streamline its operation and cut costs.

The staff reductions represent nearly 15 percent of the luxury automaker’s total workforce, mostly affecting administrative and managerial positions rather than manufacturing operations, according to a Bloomberg report citing statements from the Unite union.

The company is said to be offering early retirement and voluntary departures to help eliminate redundancies without forced firings.

Despite the restructuring efforts, existing sales and revenue forecasts will remain unchanged. One of the only independent automakers, the company is still struggling to reach profitability after posting a loss of 71.8 million pounds (~$111 million USD) in 2014, up from $25.4 million in 2013, according to Reuters.

A brand-revitalization effort, known as “Second Century,” promises to replace every model in the current lineup by 2020. Among three entirely new models, the DBX crossover is expected to account for more than half of total global sales — central to Aston’s growth strategy in the US and China.

As the lineup refresh remains in the early stages, chief executive Andy Palmer warns that profitability is unlikely to be achieved until 2017 or later.