Lotus is set to cut 200 jobs amid heavy losses. Recent accounts show a pre-tax loss of GBP145.1m in 2022 versus a deficit of GBP86.6m in 2021.

The Geely owned automaker sold 576 cars in 2022, down from 1,566 in 2021.

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It attributed the fall to supply chain issues in the second half of the year.

The introduction of its first new model in a decade, the Emira, did not help boost sales. There were also delays to the Evija hypercar.

Lotus told the BBC the cutback in its workforce “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.”

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The company’s electric SUV, the Electre, is built in Wuhan, China.

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Lotus said 2023 was set to be a “record year for vehicle production” and it would focus on the Emira and Evija.