Group Lotus, a British-based subsidiary of Malaysia's automaker Proton Holdings, will launch three models in the next three years but will cut jobs to remain competitive, a report said today.

The models are the new Esprit, a mid-range Lotus model and a Lotus/Proton high-performance vehicle, the Star newspaper said.

The chief executive of the British sports car outfit, Michael Kimberley, said the Lotus/Proton vehicle was targeted for launch in May 2008, to be followed by the new mid-range Lotus in December of that year.

The flagship new Esprit will be unveiled in December 2009, the report said.

Kimberly also said Lotus had to pursue cost reduction measures to strengthen the company's efficiency, adding that the it planned to "right-size" its workforce through a voluntary exercise by the end of the year.

"This will mean that a leaner, more cost effective and efficient Lotus will be far more globally competitive," he was quoted as saying, without releasing details on the numbers of retrenchments.

Proton acquired an 80 percent controlling stake in Group Lotus in October 1996. The firm produces high-performance sports cars as well as automotive engineering consultancy services.