Aston Martin Delays Electric Car Launch, Cuts 5% of Workforce
Aston Martin will cut about 5% of its global workforce to further reduce costs and drive future investments, and delayed the launch of its first battery electric vehicle for the second time. The company expects to save about 25 million pounds ($31.6 million) from the job cuts. Aston Martin is banking on demand for its mid-engined Plug-in Hybrid Electric Vehicle (PHEV), 'Valhalla', to turn in positive adjusted operating earnings and free cash flow.
- This move highlights the challenges faced by luxury carmakers in adapting to changing market conditions, including shifting consumer demand and rising costs.
- What role will the 'Valhalla' PHEV play in revitalizing Aston Martin's business, particularly in a future where sustainable and electric vehicles are increasingly expected to dominate the automotive industry?