America is a major market for Lotus but tariffs threaten its business, with US sellers required to pay taxes of 25% on imports of cars and car parts. Figures released on Friday for the UK's car industry revealed exports to the US had halved as President Donald Trump's tariffs caused some car makers to halt shipments. Lotus was founded in the early 1950s by engineer Colin Chapman, moving to Norfolk in the 1960s. In April, the carmaker announced 270 jobs would be cut "amid volatile and evolving market conditions including the US tariffs". However, if a deal with the US had not been reached, UK exports would have been taxed at 27.5%, as opposed to 10%.

Source: The Times June 28, 2025 01:00 UTC