After reporting significant losses, Lotus Cars plans to reduce its workforce by up to 200 employees.
According to the company's most recent financial statements, it had a loss before tax of £145.1 million in 2022 as opposed to a deficit of £86.6 million the year before.
In order to "ensure that the right organizational structure is in place," Lotus said it would reduce its workforce.
The move "includes a restructure of its workforce, which may result in the loss of up to 200 jobs," the company stated.
In spite of the proposed cuts, it continued: "Wherever possible, we will look to support staff redeployment and plan to look for ways to retain specific skills and knowledge within the business.
"We think this is essential to keeping the organization leaner and longer more competitive. ".
Where the job cuts will occur has not yet been made clear.
It announced in 2021 that it would invest £100 million in its base at Hethel, close to Wymondham, creating 250 new jobs there as well as at Lotus Engineering in Warwickshire.
In contrast to the 1,566 vehicles it sold in 2021, Lotus, which is owned by the Chinese company Geely, saw its sales drop to just 576 vehicles in 2022.
This was true despite the launch of the Emira sports car, the company's first new model in over ten years.
However, Lotus has been introducing a number of new models, including the Wuhan, China-made electric Eletre SUV, which appears to be the company's main step toward electrification.
Prior to turning its attention to its upcoming all-electric sports cars, Lotus said it would concentrate its efforts on the "production of the Emira sports car and Evija hypercar, with 2023 set to be a record year for vehicle production."