AssetID: 54883314
Headline: UNCAPTIONED: Lotus Considers Shifting Production from UK to US Amid Tariff Challenges
Caption: Lotus Considers Shifting Production from UK to US Amid Tariff Challenges. Lotus is considering moving production from its UK headquarters in Hethel to the US, putting 1,300 jobs at risk. The decision follows disruptions caused by US tariffs, with the company reviewing whether shifting production to the US would be more viable. Tariffs of 25% on car imports to the US have significantly affected Lotus, a major market for the brand. UK car exports to the US have halved due to the higher import taxes, with some manufacturers halting shipments. A deal between the UK government and the Trump administration will lower tariffs on UK-made cars to 10%, effective in June. Lotus is owned by Geely, a Chinese group, which also owns Volvo, Polestar, and Lynk & Co., and is reorganizing its portfolio. Lotus currently produces cars in both Norfolk, UK, and Wuhan, China. The company recently announced 270 job cuts in response to market conditions and tariffs, but remains committed to the UK. Instructions: THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
Keywords: Motoring,Lotus,cars,brand,UK,US,production,tariffs,challenges,headquarters,Hethel,jobs,risk,Donald Trump,Starmer,shifting,import,taxes,China,Geely,Volvo,Polestar,Lynk
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