Lotus lost £145m in 2022 and job cuts are now looming

By topgear, 21 July 2023

Lotus has posted losses of £145 million for the 2022 calendar year, the firm’s accounts have shown. Uh oh.

In 12 months Lotus shifted just 567 cars, down 62 per cent on its record retail sales of 1,566 units in 2021, according to its filings on Companies House.

Lotus has blamed the figures on 'production issues' and supply chain problems in the second half of the year, but insists it's now on course for a new record year in 2023.

Meanwhile hundreds of jobs at Lotus are under threat, with the Geely-owned company seeking to reorganise its workforce, something it insists is unrelated to the losses.

A spokesperson confirmed to TopGear.com that engineering and admin roles are among those at risk, but production jobs won't be targeted.

"Lotus Cars proposal for a reorganisation of its business is to ensure that the right organisational structure is in place for us to achieve our business goals and to build a strong, sustainable future," said the company in a statement.

"This includes a restructure of its workforce, which may involve the loss of up to 200 jobs.

"Wherever possible, we will look to support the redeployment of staff and plan to look for ways to retain specific skills and knowledge within the business, despite the proposed cuts. We believe this is vital to ensuring the organisation is leaner and more competitive long-term.

"The UK is the heart of our sports car operations, focused on producing class-leading vehicles and innovative engineering solutions. We will continue to concentrate our efforts on production of the Emira sports car and Evija hypercar, with 2023 set to be a record year for vehicle production, before we turn our attention to our future EV sports cars.

"In addition, our shareholders have made a clear commitment that the UK, having invested in over £500 million into Lotus Cars’ UK R&D and operations and created many new jobs at our new London headquarters, as well as in Norfolk and this shows the long-term commitment to the brand in the UK."

Production of the Elise, Exige and Evora ended two years ago, while the new Emira sportscar only emerged last year. Lotus’s first electric car - the Evija hypercar - is yet to enter production, although the Eletre SUV has now reached the market.

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