Aston Martin announces major layoffs, blames global tariffs for losses

LONDON, UK. (ABC36 NEWS NOW) – Aston Martin is blaming global tariffs for a major round of layoffs, announcing plans Wednesday to cut about 20 percent of its workforce.

The luxury automaker says the reductions will impact roughly 600 employees worldwide as the company works to offset rising costs and financial losses.

Aston Martin reported losing more than half a billion dollars last year and pointed to the 25 percent U.S. tariff on foreign-made vehicles as a significant factor hurting business. The company also cited additional tariff pressures in China.

Company officials say the job cuts are part of broader efforts to stabilize finances and remain competitive in the global market.