AN ICONIC British car brand has suffered hundreds of millions of pounds in losses.
Lotus recorded a thumping £195million in costs during the first half of 2025.
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The popular manufacturer sold a total of 2,813 cars – marking a 43 per cent drop compared to the first six months of 2024.
Half of those sales were recorded in China, while deliveries to North America dropped steeply following President Trump’s controversial tariffs
“With deliveries of the upgraded models ramping up in China during the second quarter, we achieved a QoQ revenue growth of 35 per cent, a testament to our product competitiveness,” Daxue Wang, Lotus’ Chief Financial Officer, said.
It comes after the brand axed more than 500 jobs from its UK headquarters.
Lotus said it is set to sack half the workforce at its factory and HQ at Hethel near Wymondham, Norfolk.
The surprise move is said to be part of a major restructuring within the firm.
Lotus, owned by Chinese giant Geely, confirmed that the job losses highlighted “rapid changes in global policies including tariffs.”
A spokeswoman for the group said: “We believe this is necessary in order to secure a sustainable future for the company in today’s rapidly evolving automotive environment.”
A consultation process has been launched to determine how many roles out of the approximately 1,300-strong workforce at the factory will be cut.
It comes after Business Secretary Jonathan Reynolds had a meeting with Lotus bosses earlier this year amid fears the firm would move production to the US or Poland.
Reynolds said afterwards he was reassured that the manufacturer was committed to the UK.
The firm said at the time it had “no plans to close the factory“, but added: “We are actively exploring strategic options to enhance efficiency and ensure global competitiveness in the evolving market.”
It is understood that Lotus had a meeting with local MPs and councillors to explain its restructuring plans and outline the job cuts.
The shocking move is expected to be finalised in December with up to 500 workers now facing the boot.
Lotus said it would also look at increasing integration across the wider Lotus group as part of the shake up.
A spokesperson said the firm “remains fully committed to the UK”, with Norfolk remaining the home of its sports car, motorsports and engineering consulting operations.
South Norfolk MP Ben Goldsborough said it was a “very difficult day for Lotus and for many families in our community.”
