Sportscar manufacturer Lotus to cut 550 jobs

Lotus, the iconic sportscar manufacturer, is set to cut 550 jobs at its Norfolk headquarters in the UK. While earlier reports indicated the possibility of a new plant in the US, Lotus now aims to secure its future amid market uncertainties by restructuring its operations. This move will see job losses but the brand remains committed to the UK, with the potential for growth and diversification in the future.