Job cuts expected at Aston Martin

British luxury carmaker Aston Martin has announced that it is planning on cutting jobs as part of a company restructuring plan that will involve the company expanding into electric and ‘crossover’ sport utility vehicles.

Chief Executive Andy Palmer, who was appointed just over a year ago is deteremined to turn things around for the brand, after its sales nosedived after the 2007/2008 financial crisis.

The company, which has previously suffered from not being part of a wider automotive group, posted a pretax loss of £25.4 million ($39 million) in 2013, the latest figures available.

‘There will be a net reduction in the overall workforce at the company,’ said a spokesman on Thursday, adding the cuts would be ‘meaningful’ but without giving any figures.

The cuts would not affect any production staff at the firm, based at Gaydon in the English Midlands. It had a total workforce of around 2,100 at the start of the year and cuts would come from office staff, the spokesman said.