(Reuters) -Britain-based sportscar company Lotus said on Thursday it plans to reduce up to 550 roles across its business, months after denying reports of closure of a factory in eastern England. The
Lotus Plans to Lay Off 550 Employees in the UK Amid Auto Industry Challenges
(Reuters) -Britain-based sportscar company Lotus said on Thursday it plans to reduce up to 550 roles across its business, months after denying reports of closure of a factory in eastern England.
The company, which is majority owned by China's Geely, said the restructuring plan followed a review of its business objectives in line with the current market conditions.
Automakers across the globe have seen widespread uncertainties in the sector as rapid changes in global policies have resulted in companies incurring billions in costs.
"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 a emailed statement to Reuters.
Under the proposal, the company plans to increase integration globally across the wider Lotus group, while exploring opportunities to diversify its business model, including through third-party manufacturing.
(Reporting by Yamini Kalia in Bengaluru; Editing by Shailesh Kuber)
