Aston Martin said it would take steps to strengthen its position in response to continued challenges in the global macro-economic environment.
It said the actions it was taking “may affect contractor, fixed-term and permanent roles”.
Staff production jobs make up the majority of roles being consulted on as well as a number of contractor positions, BBC Wales was told.
Andrew Pearson, Unite regional officer, said the news was “devastating” for the workforce at Aston Martin.
Aston Martin has seen its shares tumble during the year and last month said it faced losing £110m due to the “global macroeconomic environment”.
The Welsh government said it is in contact with Aston Martin and is prepared to to work with the company to offer support to workers following the outcome of the consultation.
The current round of potential job cuts follow a decision by the company to cut 170 jobs at St Athan in February.
