The luxury automaker will cut 5% of its workforce to save 25 million pounds, its chief executive said on Wednesday.

(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.