Sports car maker Lotus to cut 550 jobs in UK

(Sharecast News) - Sportscar manufacturer Lotus is cutting 550 jobs at its UK headquarters in Norfolk, the company said on Thursday, citing US tariffs. The sportscar maker, owned by China's Geely, said the decision followed a review of business objectives in line with "current market conditions". It currently has about 1,300 workers at the site in Norfolk.

"We believe this is necessary in order to secure a sustainable future for the company in today's rapidly evolving automotive environment, which is seeing uncertainty with rapid changes in global policies including tariffs," management said in a statement.

"The brand remains fully committed to the UK, and Norfolk will remain the home of the Lotus' sports car, motorsports and engineering consulting operations.

"It is actively exploring future growth opportunities to diversify Lotus Cars' business model, including through third-party manufacturing."

Reporting by Frank Prenesti for Sharecast.com