Welcome!
Don't know the lathe, so unsure if Gearbox or changewheels, so probably not very helpful.
Can it be configured to cut a 3.5 mm pitch thread?
If YES, is it possible to change the gear train / gearbox to halve the ratio between Chuck and Leadscrew?
If NO, it may be possible to use the same technique, of setting up for a pitch that is within capabilities, and then amending the drive train so get a 1.75 mm pitch.
In theory, my lathe cannot cut coarser than 3 mm, but by substituting a 30T for the normal 40T input to the gearbox, I was able to cut a 4 mm pitch when it was needed.
If you are cutting a M12, would it be easier to use a Die?
Howard