UPDATE: Lotus Plans All-Electric Hypercar

Group Lotus plc is developing an electric hypercar, dubbed the Type 130, that will be produced in very low numbers and offered at roughly $1 million each.

Lotus used the Shanghai auto show to release a gauzy fluid dynamic modeling sketch that hints at the car’s general shape. But it provided no other details about the vehicle. The company says it will unveil specs, a production date and a physical prototype later this year at an event in London.

Media reports in January said Lotus was developing the car, codenamed Omega, with Williams Advanced Engineering Ltd. The car was expected to be powered by at least two electric motors with combined output of more than 1,000 hp. Williams supplies high-performance batteries to the Formula E electric car racing series.

The T130, which will be built in England, will be the iconic British marque’s first completely new model in 11 years. Lotus envisions the Type 130 as a “halo” car for the company’s next-generation family of sports cars.