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 announced on Wednesday that it will cut approximately 5% of its global workforce as part of a broader effort to streamline operations and reduce costs in an announcement that caused its share price to fall by about 9%.

For someone who wears many hats, including—but not limited to—being the CEO of Tesla TSLA and SpaceX and the owner of social media platform X (formerly known as Twitter), the world's richest man, Elon Musk has a lot of time on his hands.

Sales are plunging in some of the world’s biggest EV markets, and protesters and vandals are targeting the company’s stores.

While the new car market for EVs surged by 37% in January across Europe, Tesla's share dwindled as sales dropped by almost half.