LONDON -- Aston Martin is furloughing some employees as it handles the fallout from the coronavirus outbreak that has closed its factories.
The automaker has halted production at its two plants in the UK until Monday, April 20. Its Gaydon plant in central England builds sports cars, while its new plant in St Athan, south Wales, produces the company's new DBX SUV.
The DBX is crucial to Aston Martin's turnaround after disappointing sales last year contributed to a plunge in its share price.
Employers in Britain can claim for 80 percent of wage costs for staff whom they place on temporary leave as part of a government scheme designed to help businesses whose operations have been hit by the fallout.
The company is utilizing all government aid available," Aston Martin said in a statement on Monday.
Aston Martin confirmed its capital-raising plans that will see a consortium led by Canadian billionaire Lawrence Stroll take a stake in the company.
It said it was also taking action to control operating costs and capital expenditure and is accessing additional funding facilities. Its directors said they remain confident that the firm has enough working capital for at least the next 12 months.
The automaker said deliveries of its DBX were still planned for this summer "dependent on production and supply chain returning as currently anticipated."