McLaren isn’t the only British sports carmaker that is downsizing its workforce, as a Reuters report says Aston Martin is also looking to do the same. The news comes a week after the company appointed ex-AMG boss Tobias Moers as its new CEO, replacing Andy Palmer.

Up to 500 employees are expected to be cut as part of measures to reduce the company’s costs, reflecting lower than originally planned production volumes. Last month, Aston Martin posted a first-quarter loss after sales dropped by almost a third due to the impact of the Covid-19 pandemic.

“The measures announced today will right-size the organisational structure and bring the cost base into line with reduced sports car production levels, consistent with restoring profitability,” it said. Non-critical expenditure and other costs will also be reduced to further help with the initiative.

This restructuring is expected to save the company about 38 million British pounds annually, with the restructuring costs expected to be about 12 million British pounds. Aston Martin’s share price has been on the downturn since the company went public in 2018, and it has been reported the company is looking to potential investors to purchase a larger stake in it.

For now, the DBX is heralded as the key model to appeal to a wider audience and boost sales, and the company says it has a strong list of orders that is on track for deliveries in the summer.