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Aston Martin revs higher as it plans to reopen UK production plants

The carmaker is planning to restart production at its St Athan plant on 5 May

Aston Martin Lagonda Global Holdings PLC - Aston Martin revs higher as it plans to reopen UK production plants

Aston Martin Lagonda Global Holdings PLC (LON:AML) shares jumped on Thursday as the carmaker unveiled plans to restart operations at its St Athan production plant on 5 May.

The FTSE 250 firm also said it is working with suppliers to secure supply aligned to the timing of the restart, adding that its Gaydon facility is also planned to resume operations after St Athan.

READ: Aston Martin completes rights issue fundraising as Stroll plans 'rebalancing'

Meanwhile, the firm said the majority of its workforce is current furloughed, while its senior leadership have agreed to pay reductions including a 35% reduction in fees for non-executive directors and a 35% pay cut for its chief executive.

Aston’s UK production plants have been closed since 25 March as the coronavirus pandemic shuttered dealerships and disrupted its supply chain.

The news drove the company’s shares 5% higher to 50.4p in lunchtime trading.

Quick facts: Aston Martin Lagonda Global Holdings PLC

Price: 73.8393 GBX

LSE:AML
Market: LSE
Market Cap: £1.35 billion
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