The company entered into talks with trade union representatives on Monday but chief executive Dr Ulrich Bez admitted that the possibility of 300 full-time and 300 temporary job losses cannot be ruled out.

Dr Bez said: "Like other premium car brands, Aston Martin has been forced to take action to respond to the unprecedented downturn in the global economy.

"These are regrettable but necessary measures in the extraordinary market conditions we all now face. Overall we remain confident that the Aston Martin brand is the strongest it has ever been - with dedicated design, engineering and manufacturing facilities and an awardwinning product range, we remain well positioned for the upturn in the economy."

Around 1,700 of the current total 1,850 workforce are based at the Banbury Road site in Gaydon.

As reported in the Courier, the company last week announced that it would be extending its Christmas break by two weeks until January 19, due to cutbacks in production.

Aston Martin sold 110 cars in the UK in October compared to 164 in the same month last year.

Last year former owner Ford sold the company for £479 million to a consortium led by former rally driver and chief executive of the Warwickshire-based Prodrive Group David Richards, Texan banker John Sinders and Kuwaiti investment companies Investment Dar and Adeem Investments. The hope was that the takeover would create between 1,000 and 1,500 new jobs by 2010.