Things aren't looking too good in the UK.
Highly regarded and famous British marques are not immune to the effects of the coronavirus and the succeeding sales slumps all over the world. Bentley is the latest to announce that at least 1,000 jobs will need to be cut; essentially a quarter of their total workforce.
This news comes right after Aston Martin decided to do some restructuring in the form of removing at least 500 people from the company to help reduce costs. As reported by Reuters, the termination is voluntary, with the financial terms of the offer based on length of service, age, and salary. This unfortunately does not mean that Bentley has ruled out any compulsory redundancies.
According to Bentley chairman and chief executive Adrian Hallmark, "Losing colleagues is not something we are treating lightly but this is a necessary step that we have to take to safeguard the jobs of the vast majority who will remain, and deliver a sustainable business model for the future through our Beyond100 strategy." Bentley's Beyond100 strategy will focus on making the brand a leader in luxury mobility for the next 100 years, together with an increased focus towards electrification with every model.
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Bentley has also announced that it will be providing financial support towards career guidance for all those that take the offer. Of course, Bentley has gone on record saying that the virus has shaken up the organisation, with the British manufacturer having to thoroughly review its costs and investment structure. “COVID-19 has not been the cause of this measure but a hastener.”
Having recently opened its factory in Crewe on May 11, seven weeks after it had to shut down due to the virus, the British firm still faces hundreds of millions of dollars in deferred or lost revenue. According to Reuters, British new car sales dropped by 89% in May, with the worst numbers at 97% in April as car dealerships remained closed.