The company plans to reduce its global workforce by 5% as part of a cost-savings push after it reported weaker earnings and revenue, and pushed back the launch of its first fully electric car.

Luxury carmaker Aston Martin is to cut 5% of its workforce, amounting to 170 jobs, in an effort to save £25 million amid rising losses and debt.

Aston Martin is to cut as many as 170 jobs globally as it delayed the launch of its first electric vehicle for a second time. The luxury carmaker said it would cut its global workforce by 5pc as its losses widened by a fifth last year.