Aston Martin is planning on making 500 people redundant soon, due to an effort to cut costs and increase the profitability for the company. Aston Martin currently has 2,600 employees.

The company provided a statement which went along the lines of, it needs a reset and sports car production will be reduced to meet current demand. The company is looking to cut its operating costs by around £10 million and its manufacturing costs by £8 million.

In the first three months of 2020, Aston Martin posted a loss of £188.9 million, before tax.

Last week, Andy Palmer who had been the CEO of Aston Martin since 2014 – stepped down.