In a span of just a few months into 2020, Aston Martin experienced some significant changes.

From receiving a £500 million investment from Canadian billionaire Lawrence Stroll to having Stroll as the company’s executive chairman, as well as seeing Tobias Moers becoming the new CEO of the company, the Gaydon-based luxury automaker has been busy of late.

Despite all of these, the company is still experiencing hardships due to the COVID-19 pandemic. With demand for new cars (especially luxury sports cars) at an all-time low, Aston Martin is looking to reduce its production levels. This will result in the axing of up to 500 jobs with the lower than planned production volumes.

“The measures announced today will right-size the organizational structure and bring the cost base into line with reduced sports car production levels, consistent with restoring profitability,” said the company in a statement.

Besides cutting jobs, Aston Martin is also looking to reduce costs by removing non-critical expenses like marketing, travel, and contractor numbers. The restructuring plan is expected to save the company an annual savings of about £38 million.

With the company set to cut jobs and save on money, newly-appointed CEO Tobias Moers will have his work cut out for him. Lawrence Stroll, however, believes that given Moers’ success at Mercedes-AMG, he will be able to guide the company through this financial storm.