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		</div><p>Aston Martin has said it plans to cut up to 500 jobs as part of a major restructuring at the luxury car manufacturer.</p>
<p>The troubled company said it will shortly launch consultations on the job losses, which have been driven by lower-than-planned production volumes and improved productivity.</p>
<p>Aston Martin said the restructuring is expected to cost around £12 million.<br />
However, it added that the strategy is intended to deliver £10 million in operating cost savings each year.</p>
<p>It said it will also save around £8 million from reduced manufacturing costs amid lower demand, while it will also reduce capital spending by around £10 million.</p>
<p>The UK manufacturer, famous for making James Bond’s car of choice, will “<i>right-size the organisational structure</i>” amid lower demand for sports cars, in a bid to improve profitability.</p>
<p>Aston Martin also told investors on Thursday that its first SUV car, the DBX, is on track for deliveries this summer and has a “<i>strong order book</i>”.</p>
<p>It comes after a testing year for the manufacturer, as it was blighted with numerous profit warnings.</p>
<p>Last week, the company’s chief executive, Dr Andy Palmer, announced he was leaving the manufacturer after a collapse in its share price.</p>
<p>Dr Palmer, who has led Aston Martin since 2014, is to be replaced as chief executive by Tobias Moers, who currently runs Mercedes-AMG, which is the German manufacturer’s high-performance division.</p>
<p>The number of vehicles sold by Aston Martin almost halved in the first three months of the year, as it was hit by the beginning of the coronavirus crisis.</p>
<p>This caused loss before tax to soar to £118.9 million, up from £17.3 million the year before.</p>
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