(Reuters) – The British Luxury car manufacturer Aston Martin announced on Wednesday that it was going to fire around 5% of its employees worldwide in order to further reduce its costs to promote future investments, and that it was delaying for the second times the launch of its first battery electric vehicle (BEV).

The title cedes more than 9% to the London Stock Exchange around 9:02 a.m. GMT.

“After a period of intense product launches, associated with challenges on the scale of the sector and the company, we now focus on operational execution and financial viability,” the director general said in a statement Adrian Hallmark.

Other European car manufacturers, including Volkswagen and Stellantis, have already warned against the increase in costs in a context of deterioration of the prospects of demand on key markets such as China and possible commercial wars between Brussels and Beijing After the surcharges imposed by the EU on the VE Chinese.

Aston Martin said he expected to save around 25 million pounds (30.1 million euros) with job cuts.

The company also says it wants to give priority to Aston Valhalla, a rechargeable hybrid vehicle, and has again delayed the launch of its first electric car, which it is now waiting for the end of the decade.

The group had already pushed this launch to 2026 last year due to a lack of demand from consumers.

Aston Martin said he was on the request of Valhalla, whose deliveries will start in the second half of 2025, to generate a positive adjusted operating profit for the year.

The company announced an adjusted loss before taxes of 255.5 million pounds for the year ended on December 31, against a consensus provided by the group which was loss of 259 million pounds.

(Written by Shashwat Awasthi; Diana Mandiá, edited by Kate Entringer)

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