Aston Martin has cut 170 jobs after losses widened by a fifth last year and fewer cars were sold in 2023 following a string of supply chain issues and production delays. The luxury auto manufacturer,

(Reuters) - Luxury carmaker Aston Martin said on Wednesday it will cut about 5% of its global workforce, or 170 employees, to further reduce costs and drive future investments. "We are commencing a process to make organisational adjustments, to ensure the business is appropriately resourced for its future plans," the company said in a statement.

Aston Martin Lagonda announced Wednesday it would cut about five percent of its workforce as weak Chinese demand contributed to losses widening at the luxury car group last year.

Aston Martin has confirmed that hundreds will lose their job amid major financial savings from the luxury brand.

The iconic British manufacturer, renowned for producing James Bond's vehicles, has not yet specified whether the job cuts will affect manufacturing or office-based roles

Britain's Aston Martin will cut 5% of its workforce to save 25 million pounds ($31.61 million), its chief executive said on Wednesday, after a sharp rise in the luxury carmaker's losses and debt and as sales volumes forecast missed expectations.

The company plans to reduce its global workforce by 5% as part of a cost-savings push after it reported weaker earnings and revenue.

Aston Martin Lagonda Global Holdings Plc is cutting around 170 staff, or 5% of the workforce, as the British luxury carmaker tries to reverse years of losses.

(Reuters) -Luxury carmaker Aston Martin said on Wednesday it will cut about 5% of its global workforce to further reduce costs and drive future investments, and delayed the launch of its first battery electric vehicle (BEV) for the second time.