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 Lagonda Global Holdings Plc is cutting around 170 staff, or 5% of the workforce, as the British luxury carmaker tries to reverse years of losses.