British sportscar manufacturer, Lotus, is allegedly expected to axe 550 jobs at its UK headquarters.
Lotus is said to have around 1,300 staff members at its main site in Hethel, near Wymondham in Norfolk, which is where it has been based since the 1960s.
The famous car brand was first founded in 1948 by engineer Colin Chapman and his wife Hazel Chapman, and has remained popular with car fanatics all over the world ever since.
However, the BBC said it had received a statement from the company, which read: "We believe this is necessary in order to secure a sustainable future for the company in today's rapidly evolving automotive environment, which is seeing uncertainty with rapid changes in global policies including tariffs.
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"The brand remains fully committed to the UK, and Norfolk will remain the home of the Lotus' sports car, motorsports and engineering consulting operations.
"It is actively exploring future growth opportunities to diversify Lotus Cars' business model, including through third-party manufacturing."
The news comes after Lotus previously denied it would be closing its doors on its UK factory, following the announcement of Donald Trump's new tariffs in June.
It was at this point, however, when the company chose to temporarily pause its production at its HQ due to broader challenges from the UK automotive industry, the Mirror reported.
On Lotus' website it describes the story and philosophy of the brand, with the website stating: "Through seven decades of boundary-pushing heritage, Lotus has inspired and united generations of passionate drivers.
"As we look to the future, Lotus continues to set new standards in automotive excellence. Our journey is just beginning.
"Lotus was founded by Colin & Hazel Chapman in 1948, in London, UK. A maverick engineer and era-defining mind, Chapman believed in the power of simplicity, subtracting the redundant and investing in the essential.
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"Over the years, Lotus has remained true to its founder's spirit, with countless racetrack victories and engineering breakthroughs to its name.
"Greatness was never achieved by settling for the status quo.
"Lotus has remained committed to the pursuit of true innovation, introducing cutting-edge technologies and developing advanced materials to meet its uncompromising vision of how a car should look, perform, and feel."
It added: "That restless ingenuity is at the core of every car that bears the Lotus badge. And it leads the vital shift to electric drive technology, pioneering a new era of sustainable performance.
"It is easy to add more power. But making a car drive like a true Lotus takes passion and courage. It cannot be measured, but it can be felt. Every time you get behind the wheel."
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