º£½ÇÊÓƵ car manufacturer Aston Martin has scaled back its investment plans in a bid to reduce costs amidst escalating losses.
The company also announced it is reassessing its strategy for future models as sales continue to plummet due to the impact of US tariffs and dwindling demand in China.
Aston Martin Lagonda informed shareholders that it will decrease its five-year investment commitment from £2 billion to £1.7 billion, initiating a review into costs and capital expenditure.
The car firm, renowned for its affiliation with the James Bond franchise, disclosed it is also investing £350 million into its operations this year, marking the latest reduction to its spending plans.
Earlier this month, the company confirmed it was on course for £375 million of investment, having already retracted from an initial £400 million target.
The company reported a 27% decline in revenues to £285.2 million for the quarter ending September 30, compared to the same period last year.
This downturn was attributed to weaker wholesale volumes, which decreased by 13% to 1,430 vehicles for the quarter.
The slump was driven by "heightened challenges in the global macroeconomic environment" which suppressed demand, as well as the strain from US tariffs.
Sales volumes were lower than anticipated across "most regions" during the quarter, with º£½ÇÊÓƵ sales volumes reporting a 32% drop.
Aston Martin, based in Warwickshire and with a plant in South Wales, revealed its quarterly operating loss more than doubled to £56.1 million for the period.
The company highlighted an uptick in performance during the final quarter of the year, but emphasised ongoing challenges, including supply chain issues related to a cyber incident at competitor Jaguar Land Rover.
Adrian Hallmark, chief executive of Aston Martin, commented: "This year has been marked by significant macroeconomic headwinds, particularly the sustained impact of US tariffs and weak demand in China.
"In response to these market dynamics, we have taken, and continue to take, proactive steps to strengthen our overall position.
"Work is under way to review our future product cycle plan with the aim of optimising costs and capital investment whilst continuing to deliver innovative, class leading products to meet customer demands and regulatory requirements."
Lawrence Stroll, major shareholder and executive chairman, expressed his "unwavering" commitment and confidence in the long-term prospects of the business.
