With shortening wait lists at Ferrari and Bentley halting production for several weeks, Aston Martin is the latest in exotic car makers to feel the recession. Aston Martin began a three-day work week at its factory earlier this month to cope with the downturn.
The downturn in the automotive industry has led Aston Martin to switch its factory to a three-day work week in an effort to reduce production. The move affects just under 300 Aston Martin staff members. The affected employees’ hours will be “banked” and claimed back by the firm later.
“Like other premium car brands, Aston Martin has been forced to take action to respond to the unprecedented downturn in the global economy,” an Aston Martin spokesman said.
In addition to switching to a three-day work week, Aston Martin has to let 300 employees go. The company announced it had 600 redundancies in December, but 300 workers have already left. Aston Martin has consulted unions over the final 300 employees to be let go. After the reductions, 1250 people will be employed at the Gaydon, Warwickshire plant.
These reductions in staff and production come as the British government announced a possible ?2.3 billion ($3.29 billion) bailout for the British auto industry.