Report: Lotus Developing 1,000-hp Electric Hypercar

Group Lotus plc is developing an all-electric vehicle that promises to be the marque's fastest, most powerful and highest-priced car in the company’s 70-year history, Autocar reports.

Without citing its sources, the British enthusiast magazine says the project—codenamed “Omega”—will yield a more than £2 million ($2.5 million) hypercar by early next decade.  A concept of the vehicle is expected to be unveiled sometime next year.

The all-wheel-drive EV will be powered by multiple electric motors with a combined output of more than 1,000 hp, according to the report. Media reports speculate that the car will feature a next-generation battery to boost driving range and keep weight down. Other innovative technologies also are said to be in the works.

Lotus has produced several hybrid and all-electric concepts, race cars and limited-edition models in recent years. The company also is said to be considering a hybrid variant of its upcoming crossover, which will ride on a modified version of Volvo Car’s SPA platform. Both brands are owned by China’s Zhejiang Geely Holding Group Co., which purchased Lotus and former owner Malaysian carmaker Proton last year.

The £2 million price tag and 1,000-hp target would make the Lotus EV one of the most expensive and powerful cars in the world. Known for its lightweight sports cars, Lotus has only recently offered vehicles that top $100,000.