2022 Sales Drop and Financial Struggles
In 2022, Lotus saw a dramatic reduction in sales, delivering just 576 cars, a significant drop from the 1,566 vehicles sold in 2021. The cessation of production for the Elise, Exige, and Evora in 2021, combined with delays in new model releases, including the Emira and the Eletre SUV, contributed to this downturn. The company’s financial woes were exacerbated by a £145.1 million loss for the year, following an £86.6 million loss in the previous year, prompting a major restructuring.
Job Cuts and Operational Impact
To manage costs and streamline operations, Lotus plans to cut up to 200 jobs, primarily affecting engineering and administrative roles at its Hethel and Warwickshire facilities. Production workers will not be impacted, as the company focuses on increasing output of the Emira and the Eletre SUV. Despite these setbacks, Lotus aims to rebound with a record production year in 2023.
Future Developments and Challenges
The long-awaited Lotus Evija electric hypercar still has unsold units from its initial production run, with deliveries starting in August. Additionally, Lotus is working on a new electric sports car, originally a joint venture with Alpine, now a solo Lotus project expected by 2026. This new model will face competition from Porsche’s upcoming electric 718 replacement, highlighting the competitive and rapidly evolving nature of the electric vehicle market.