Lotus, a British luxury sports car brand that became majority-owned by Chinese automaker Geely in 2017, is set to reduce its workforce by up to 200 staff. On July 24, Lotus China clarified that the layoffs primarily target the sports car operations department in the UK and will not affect its Chinese team. The move aims to create a “leaner and more competitive” company, and is not a result of last year’s business decline, according to the company’s statement. Last year, Lotus incurred a pre-tax loss of £145.1 million ($186.42 million), selling only 576 unit cars, a slump from 1,566 units in 2021. Lotus has been undergoing a transformation towards electrification, and launched its first new vehicle in 10 years, the petrol-powered Emira sports car, in 2022. As of the first half of this year, Lotus has already produced more than 2,200 units of the Emira. [wallstreetcn.com, in Chinese]