Aston Martin cuts plan for investment

LUXURY car maker Aston Martin has cut its investment plans amid efforts to bring down costs in the face of widening losses.

- HENRY SAKER-CLARK

The UK firm, which has a factory employing more than 700 staff at St Athan in the Vale of Glamorgan, also said it is reviewing its strategy for future models as sales tumbled further in the face of pressure from US tariffs and weak demand in China.

Aston Martin Lagonda told shareholders it will cut its five-year investment commitment from £2bn to £1.7bn as it launched a review into costs and capital expenditure.

The car company, known for its association with the James Bond franchise, said it is also investing £350m into its operations this year, in the latest cut to its spending plans.