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Aston Martin Aims to Resume Production at St Athan Factory

Aston Martin Aims to Resume Production at St Athan Factory

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.

Aston Martin Aims to Resume Production at St Athan Factory

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.