By Mucahithan Avcioglu
ISTANBUL (AA) - English sports car manufacturer Aston Martin announced it will cut 170 jobs as the company posted another annual loss in 2024, according to a financial report released Wednesday.
The layoffs represent 5% of the company's global workforce, which is expected to save the company £25 million ($31.6 million).
Aston Martin's operating loss came to £99.5 million in the last quarter of 2024, an 11% improvement compared to 2023's £111.2 million.
The sports car manufacturer's full-year pre-tax loss, meanwhile, was £289.1 million in 2024, off 21% from 2023.
"We are commencing a process to make organizational adjustments, to ensure the business is appropriately resourced for its future plans," said the company. "Linked directly to this difficult but necessary action, we expect annualized operating expenditure savings of circa £25 million."
Even though Aston Martin's wholesale volumes increased 8% annually in the last quarter, the total fell for the entire year.
In 2024, the firm delivered 6,030 automobiles, compared to 6,620 in 2023.
"Weaker macroeconomic environment in China" and "supply chain disruptions" were to blame, according to the company.
Aston Martin also postponed the presentation of its first electric car.
The launch, which was scheduled for 2025, has been further delayed while the firm improves its electrification strategy and gives priority to hybrid technology in the interim.