The luxury automaker will cut 5% of its workforce to save 25 million pounds, its chief executive said on Wednesday.

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, which has its headquarters in Gaydon, Warwickshire, said it planned to axe 5% of the workforce as part of cost-cutting measures to return to profit.

Executive chairman Lawrence Stroll is taking a back seat to let CEO Adrian Hallmark try to return the storied brand to profit.