Aston Martin has become the latest victim of the credit crunch, as it announced plans to cut up to 600 jobs in the UK on 1 December.
The luxury car maker said sales had been hit by the global economic downturn, and confirmed up to 300 permanent and 300 temporary positions would go at its Gaydon plant, to make efficiency savings.
Ulrich Bez, Aston Martin’s chief executive, said: “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.”
The cuts follow other big-name car manufacturers announcing job cuts this year as they struggle to sell high volumes of cars during the financial crisis, including Land Rover and Jaguar.
A 90-day consultation period has begun between Aston Martin and the union Unite, with jobs expected to go in the New Year. The Warwickshire-based group has 1,850 employees worldwide.