Aston Martin stated Thursday it plans to restart its St Athan manufacturing unit in south Wales on May 5 and will also resume operations at Gaydon later, after the coronavirus-led shutdowns forced the luxury car manufacturer to suspend production at each site.
The company additionally announced pay reductions of between 5% and 35% for its senior leadership group on Thursday, with a new boss and Formula 1 team owner Lawrence Stroll electing to receive a nominal salary of 1 pound per annum.
Earlier in the week, Aston Martin, popular for being James Bond’s carmaker of choice, stated it was focusing on launching production of its first sport-utility vehicle under Stroll.
Shares of the corporate, which have lost over two-thirds of their value this year, gained 7% to 51 pence.
The luxury car manufacturer stated a majority of its employees are currently furloughed, and those who continue to be laid off from May 1 will get 80% of their base salaries from next month.
Britain is in a lockdown due to the pandemic, with many corporations shuttered and hundreds of thousands of employees furloughed as the nation heads for a deep recession.
The central England-based auto producer had secured fresh investment earlier this year after struggling since a stock market flotation late 2018.
The corporate has been banking on the DBX model to lift gross sales in a new segment – appealing more to female patrons.