British sportscar maker Lotus said on Thursday it plans to cut up to 550 jobs across its business, as part of a restructuring plan aimed at aligning with current market conditions.
The company, majority owned by China’s Geely, said the review of its business objectives prompted the decision. Automakers globally have faced mounting uncertainties, with shifting policies driving billions in additional costs for manufacturers.
“We believe (the restructuring proposal) is necessary in order to secure a sustainable future for the company in today’s rapidly evolving automotive environment,” Lotus said in an emailed statement to Reuters.
As part of the restructuring, Lotus said it intends to increase global integration across the wider Lotus group and will explore ways to diversify its business model, including through third-party manufacturing.