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As a cost-cutting initiative, Aston Martin will slash as many as 295 jobs from its workforce, which is comprised of 2,100 employees. However, the company says that the move will not hinder plans to develop new models and increase output.

Britain’s biggest trade union, Unite, stated that up to 314 jobs might be cut as part of the downsizing effort. The move will mainly affect administrative, professional and managerial staff, leaving those that work on the factory floor relatively intact. However, the affected employees will receive early retirement packages as compensation.

Speaking to Bloomberg Business, the Gaydon-based carmaker said, “collective consultation with employee representatives, including Unite, has begun and the company is working with them to minimise the risk of compulsory redundancies.”

The company is currently in the midst of developing a crossover dubbed the DBX, as well as a successor to the DB9 sports car, officially christened the DB11 not too long ago.