British luxury car manufacturer Aston Martin Lagonda announced on Wednesday its intention to cut around 600 jobs amid losses incurred due to US tariffs and weak demand in China, LETA reports citing AFP.
Aston Martin currently has around 3,000 employees.
The company reports that its losses increased by 52% last year, reaching £493.2 million (€564.8 million).
"2025 has been one of the most challenging years for the global luxury car market in recent years," said Aston Martin CEO Adrian Hallmark.
According to him, consumer demand has been negatively affected by escalating geopolitical uncertainty and macroeconomic challenges, including rising tariffs in the US and China.
In April and May, Aston Martin limited car exports to the US, anticipating the conclusion of a trade agreement between the UK and the United States. In June, car exports to the US were fully resumed after the trade agreement ensured a reduction in tariffs in the United States on cars imported from the UK from 27.5% to 10%.
