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.
The British brand, beloved by fictional British spy James Bond, said it would axe 170 jobs after annual net losses jumped 42 percent to £323.5 million ($409 million).
“Moving forward, my priority is to drive operational excellence and discipline as we continue our transformation into a sustainably profitable company,” new chief executive Adrian Hallmark said in the earnings statement.
Aston Martin, which is slowly transitioning to electric car models, said it hoped for annualised savings of £25 million.
The company said wholesale volumes decreased nine percent to 6,030 cars last year, “impacted by the timing of new model launches, supply chain disruptions and weaker macroeconomic environment in China”.
Aston said that “while China remains a market with significant long-term growth opportunities”, volumes slumped 49 percent last year.
Its overall performance in 2024 was reflected also in Aston’s car launches.
“Product transformation continued throughout the year as prior models were ramped down in preparation for the launch of the new Vantage, upgraded DBX707 and V12 Vanquish,” it noted.
Hallmark began as chief executive in late 2024, replacing Italian national Amedeo Felisa.
The Briton is the fourth Aston boss in as many years, having stepped down as CEO of German-owned luxury carmaker Bentley.