Aug 28 (Reuters) - Britain-based sportscar company Lotus

said on Thursday it plans to reduce up to 550 roles across its

business, months after denying reports of closure of a factory

in eastern England.

The company, which is majority owned by China's Geely

, said the restructuring plan followed a review of its

business objectives in line with the current market conditions.

Automakers across the globe have seen widespread

uncertainties in the sector as rapid changes in global policies

have resulted in companies incurring billions in costs.

"We believe (the restructuring proposal) is necessary in

order to secure a sustainable future for the company in today's

rapidly evolving automotive environment," Lotus said in a

emailed statement to Reuters.

Under the proposal, the company plans to increase

integration globally across the wider Lotus group, while

exploring opportunities to diversify its business model,

including through third-party manufacturing.