Sportscar maker says priority is plug-in hybrids, while cutting costs will reduce global workforce by 5%

The British sportscar maker Aston Martin has further delayed its first battery electric vehicle, as it announced plans to cut 170 jobs – 5% of its global workforce – in the latest step in its quest for profits.

The FTSE 250 manufacturer on Wednesday said its priority was plug-in hybrid cars, which combine a small battery with a petrol engine. The first electric model will only come in “the latter part of this decade”.