Things didn’t look great for Lotus earlier this year when it posted a net loss of $202 million in the second quarter of 2024. The company’s sales did increase this year, but that didn’t translate into tangible profits. Now the company is preparing to cut up to 200 jobs in the UK after previously laying off 200 people in July 2023.
The downsizing will ensure the manufacturer “has the right organizational structure in place to ensure a sustainable business,” Lotus said in a statement to Auto Express. The company is working to better match its production with market demand after several months ago it cut its forecast for deliveries by more than 50 percent, from 26,000 to 12,000 units.
During the first nine months of this year, Lotus recorded a jump in sales. Sales of two electric vehicles, the Eletra SUV and the Emeya, rose along with the Emir, which is finally on sale in the United States after years of delays. The company will announce third-quarter results later this month.
According to Motor1, interest in expensive EV models is declining as wealthy buyers return to SUS-powered vehicles. This could slow the company’s turnaround as it prepares for the future represented by the Theory 1 concept, an electric hypercar.
The Type 135 electric sports car is still on track to make its debut in 2026 before hitting the roads in 2027. Although Lotus’s sales are up, they are still far below what they were expected to achieve, and now have to adapt to the new, sharper market.
Prepared by: Ivan Mitić – Autoblog.rs
Source: autoblog.rs
