Aston Martin has announced that it is likely to release 600 permanent and temporary staff, a third of its UK workforce, as a response to falling car sales.
The luxury sport-car manufacturer said it was consulting with unions over the job losses, but could not avoid making some cutbacks in the face of falling sales.
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SMMT figures show Aston's sales down by almost a third in October 2008 compared to October 2007, and year-to-date figures down by over a quarter.
CEO Dr Ulrich Bez commented: “Like other premium car brands, Aston Martin has been forced to take action to respond to the unprecedented downturn in the global economy. These are regrettable but necessary measures in the extraordinary market conditions we all now face.
"“Overall we remain confident that the Aston Martin brand is the strongest it has ever been – with dedicated design, engineering and manufacturing facilities and an award-winning product range, we remain well positioned for the upturn in the economy."