British luxury carmaker Aston Martin on Wednesday announced plans to slash as much as 20% of its workforce after larger annual losses due to U.S. tariffs and weak Chinese demand.

The job losses total around 600, with Aston Martin employing some 3,000 people.

Aston Martin, which has struggled for several years, added in a statement that its net loss jumped 52% last year to 493.2 million pounds ($667 million) compared with 2024.

"In 2025, the global luxury automotive market faced one of its most turbulent years in recent times," group chief executive Adrian Hallmark said in a statement.

"Consumer demand was impacted by escalating geopolitical uncertainties and macroeconomic challenges, the most notable being the introduction of increased tariffs in both the United States and China."

Automakers have been among the companies hit hardest by Trump's tariff onslaught as he tries to bring auto production back to the United States.

Aston Martin limited its imports to the United States in April and May while awaiting a trade agreement between London and Washington.

It resumed shipments in June after the deal slashed tariffs on U.K. car exports to 10% from 27.5%, limited to 100,000 vehicles annually.

Aston Martin said the outlook for the automotive industry "remains challenging" amid "uncertainties over the economic impact from the unpredictable threat or introduction of additional U.S. tariffs, changes to China's ultra-luxury car taxes and the continued reliance on a stable network of global suppliers."

The group added that "while China remains a market with long-term growth potential, demand there remained extremely subdued in line with other luxury automotive peers."