Job losses announced by Lotus
Sports car maker Lotus has announced job losses, blaming a “volatile and evolving market conditions including the US tariffs.” The Hethel, Norfolk, based business revealed that as many as 270 jobs could be axed across the UK.
Lotus would be looking to share resources and collaborate with its largest shareholder and technology partner, Chinese firm Geely, according to a spokesperson. Geely also owns Volvo and LEVC, the manufacturer of the London taxi.
The company says that it is still “committed to the UK,” but added that “the proposed restructuring is vital to enhance our competitiveness in today’s market.” Its latest “reorganisation” comes after 94 jobs were cut in November. Its two Norfolk factories also saw job losses in the previous January.
“Lotus Cars has announced a proposed business restructure to ensure sustainable operations, amid volatile and evolving market conditions including the US tariffs and shifting consumer demand for sports cars,” the spokesperson said. “The company plans to increase synergies across the wider Lotus brand and with its largest shareholder and technology partner, Geely Holding Group. It will look at greater resource sharing and collaboration in technology, engineering, and operations.”
The company also says it is working on its electric future, announcing £500 million in all of its factories. It has begun production of an electric SUV and saloon.
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