10:53 am, April 11, 2025
Norfolk-based sports car maker Lotus has announced up to 270 jobs will be cut from its workforce ‘amid a volatile and evolving market’.
This is on top of 94 jobs that were announced in November last year following a significant loss in its latest accounts.
It blamed in part the 25% tariffs from the US but also shifting demand for sports cars.
Lotus is owned by Chinese car company Geely Holding Group, which also owns Volvo, Polestar and Lynk&Co among other automotive technology businesses.
It has said that is it committed to the UK, but plans to ‘increase synergies’ with Geely.
A spokesperson told the BBC: ‘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 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.’
In 2021, Lotus spent £100m on its Hethel factory and has invested more than £500m to switch to electric vehicles, according to the Eastern Daily Press.
