Aston Martin slashes 170 jobs as debt surges to £1.2bn

British manufacturer Aston Martin will cut 5% of its workforce with 170 jobs set to be axed as part of a major cost-cutting plan.

The news comes after the popular brand reported pre-tax losses had widened by a further 21% to £289million in 2024.

Reports suggest the brand's debt pile has now increased by 43% to hit an eye-watering £1.16billion.

The firm is hoping to secure annual savings of at least £25million.

Aston Martin expects they will reach around half of that target this year with job losses part of the equation.