Britain's Aston Martin will cut 5% of its workforce to save 25 million pounds ($31.61 million), its chief executive said on Wednesday, after a sharp rise in the luxury carmaker's losses and debt and as sales volumes forecast missed expectations.

(Reuters) - Luxury carmaker Aston Martin said on Wednesday it will cut about 5% of its global workforce, or 170 employees, to further reduce costs and drive future investments. "We are commencing a process to make organisational adjustments, to ensure the business is appropriately resourced for its future plans," the company said in a statement.

Aston Martin Lagonda announced Wednesday it would cut about five percent of its workforce as weak Chinese demand contributed to losses widening at the luxury car group last year.

Aston Martin CEO Adrian Hallmark has confirmed that around 170 employees - or circa five per cent of the workforce - will leave the brand this year. The departures will be throughout the business, and are expected to save Aston Martin around £25m as it aims to forge a path towards consistent, sustainable profitability.

Aston Martin to cut 5% of its workforce, delays first EV to late 2020s, reports rising losses amid declining revenue and weaker auto demand.

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.

(Reuters) -Luxury carmaker Aston Martin said on Wednesday it will cut about 5% of its global workforce to further reduce costs and drive future investments, and delayed the launch of its first battery electric vehicle (BEV) for the second time.

Aston Martin Lagonda Global Holdings Plc is cutting around 170 staff, or 5% of the workforce, as the British luxury carmaker tries to reverse years of losses.