Lotus plans to cut 270 jobs amid volatile market

Lotus, the British sports car manufacturer, announced plans to cut up to 270 jobs at its UK factory, citing 'volatile market conditions' influenced by US tariffs and shifting consumer demand for sports cars. This decision follows a previous reduction of 94 jobs announced in November 2024. Lotus emphasized its commitment to maintaining operations in the UK while seeking to enhance synergies with its parent company, Geely Holding Group. The company aims to restructure its operations to ensure competitiveness in the evolving automotive market, which has been significantly impacted by the introduction of 25% tariffs on car imports by the US government. Lotus has invested heavily in transitioning to electric vehicles, committing over £500 million towards this goal. The latest job cuts underscore the broader challenges facing the automotive industry amid changing economic conditions.