(Reuters) - Luxury carmaker Aston Martin said on Wednesday it will cut about 5% of its global workforce, or 170 employees, to further reduce costs and drive future investments.

"We are commencing a process to make organisational adjustments, to ensure the business is appropriately resourced for its future plans," the company said in a statement.

The company expects to save about 25 million pounds ($31.6 million) from the job cuts, it said.

($1 = 0.7903 pounds)

(Reporting by Shashwat Awasthi; Editing by Varun H K)