LONDON, Feb. 25 (Xinhua) - British luxury carmaker Aston Martin Lagonda Global Holdings Plc said on Wednesday it plans to cut up to 20 percent of its workforce as part of a cost-reduction program, citing mounting external pressures including higher U.S. tariffs.
In its Full-Year Results Statement 2025, the company said the restructuring program could affect up to one-fifth of its roughly 3,000 employees and is expected to generate annual savings of about 40 million pounds (54 million U.S. dollars), with related one-off costs of around 15 million pounds.
The planned reductions are significantly deeper than a previous restructuring effort announced a year earlier, when the automaker targeted about 5 percent of its workforce.
Chief Executive Officer Adrian Hallmark said the company is seeking to cut costs and improve efficiency as it attempts to reverse years of losses and reduce its debt burden. He said higher U.S. tariffs, delays in product launches, quality issues and weaker demand in key overseas markets have complicated the turnaround of the luxury-car maker, whose largest market is the United States.
"I don't want to blame (U.S. President) Donald Trump for all of our woes, but he was certainly a big part of the problem that we faced last year," Hallmark said in a media interview, referring to the impact of tariffs on the company's performance.
According to the results statement, Aston Martin reported a pre-tax loss of 363.9 million pounds in 2025, while revenue fell 21 percent year-on-year to 1.26 billion pounds. The company ended the year with net debt of about 1.38 billion pounds and cash holdings of around 250 million pounds.
The automaker said it expects free cash outflow to improve in 2026 but does not anticipate turning cash-flow positive during the year. Vehicle deliveries in 2026 are forecast to remain broadly in line with the 5,448 units delivered in 2025.
Aston Martin said stronger deliveries of higher-priced models, including the Valhalla hybrid supercar, are expected to support financial performance in the coming year. (1 pound = 1.35 U.S. dollar)
