British carmaker, Bentley, has announced plans to implement 1,000 job cuts through a voluntary redundancy scheme, as it tries to remain afloat during the COVID-19 pandemic.
The move comes even as the car industry continues to face a sharp decline in sales due to the virus, with fewer people buying cars as stay at home orders remain in place.
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“Steps had already been taken to cut or delay unnecessary spending without impacting future product plans. For instance, we stopped recruitment, released contractors across all business areas, froze pay, and placed up to 66% of colleagues at peak on furlough,” reads a statement from Bentley.
Nevertheless, the company resumed production at its headquarters in Crewe on 11th May 2020, albeit at half capacity.
The Society of Motor Manufacturers & Traders (SMMT) reports that only 20,000 new cars were registered in the UK last month – down 89% year-on-year – the worst May performance since 1952.
Bentley Motors Limited is a British manufacturer and marketer of luxury cars and SUVs—and a subsidiary of the Volkswagen Group.
Bentley’s sales grew by 5% to end 2019 at 11,006 units, resulting in a profit of $73 million.
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