Aston Martin has announced some job losses (Image: Aston Martin)
British manufacturer Aston Martin will cut 5% of its workforce with 170 jobs set to be axed as part of a major cost-cutting plan.
The news comes after the popular brand reported pre-tax losses had widened by a further 21% to £289million in 2024.
Reports suggest the brand’s debt pile has now increased by 43% to hit an eye-watering £1.16billion.
The firm is hoping to secure annual savings of at least £25million.
Aston Martin expects they will reach around half of that target this year with job losses part of the equation.
Speaking on Wednesday, Aston Martin said the company would ensure it is “appropriately resourced for its future plans”.
They accepted that job cuts were a “difficult but necessary action” in light of the financial news.
It comes after Aston Martin’s wholesale volumes fell 9% in 2024 to just 6,030 cars.
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