British automaker Aston Martin said it will cut up to 20% of its workforce as it faces strain from tariffs imposed by United States President Donald Trump.
This comes as the James Bond automaker’s net losses jumped 52% last year to £493.2 million (A$938.8 million).
In its latest earnings report, Aston Martin CEO Adrian Hallmark blamed the tariffs for its recent struggles.
“An unprecedented backdrop of geopolitical uncertainties and macroeconomic pressures, including heightened tariffs in the U.S. and China, weighed on our performance and ability to execute our plans effectively,” he said.
This comes as Trump imposed a 25% tariff on car imports last April, adding to the export costs of the handmade supercars in Aston Martin’s U.K. factory.
The company also said it expects operating expenditure and capex savings of about £40 million from the cuts.
The Aston Martin headquarters in Gaydon, Warwickshire, employs around 3,000 people, meaning job losses would total around 600.
Aston Martin also trimmed its five-year capital spending plan to £1.7 billion from £2 billion by delaying investment in electric vehicle technology.
The majority of the job cuts will impact the UK, where the bulk of Aston Martin workers are based, with roles across the business being impacted, including factory staff.
The company also has a UK site in St Athan, South Wales, as well as worldwide offices and dealerships.
Aston Martin (LON: AML) fell 2.90% to £55.25 on Wednesday. Its market cap is £576.09 million.
