The carmaker's 'Beyond100' restructuring plan will help it become more sustainable.
The British car industry has suffered another huge blow. With luxury and sports cars slowing down during the coronavirus pandemic, McLaren was forced to cut 1,200 jobs, representing around a quarter of its entire workforce. Soon after, Aston Martin confirmed that 500 jobs will be lost as part of the company's £10 million ($12.6 million) cost-cutting plan. Now, Bentley has announced the company is axing 1,000 jobs as part of its 'Beyond100' restructuring plan.
As the company enters its 101st year, Bentley believes this plan will "redefine Bentley for the next 100 years". The job losses represent around a quarter of the company's workforce. In a statement, Bentley confirmed the restructuring plan was originally going to be announced in March but was postponed due to the Covid-19 pandemic.
While Bentley's new strategy will "remain as defined in March", the "significant effects on the short-term financial outlook for the company" has forced the company to "significantly reduce the size of the organization through a voluntary release program."
Bentley is looking for as many as 1,000 employees to accept voluntary redundancy, but said it "cannot rule out future compulsory redundancies."
"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," said Adrian Hallmark, Chairman and Chief Executive Officer of Bentley Motors.
"The voluntary release program at least allows the colleagues to make the personal choice and leave us with the most appealing and supportive offer possible within the circumstances. Covid-19 has not been the cause of this measure but a hastener."
As part of its new strategy, Bentley aims to become "the leader in sustainable luxury mobility" and will expand its electrified model range beyond the Bentayga Hybrid. By 2023, Bentley will offer an electrified version of every current model, followed by the firm's first fully electric car in 2025 or 2026.