Lotus Cars is set to send shockwaves in the industry with the creation of a brand new £2 million-plus (over RM10 million) hypercar, one that will propel Lotus into the rarified and ultra exclusive club of hypercar making.

The project is shrouded in secrecy at the firm’s headquarters in Hethel, Norfolk, but Autocar has revealed that development of the new car, codename Omega, is well underway. In fact, there could be a concept model as early as next year.

At launch, Project Omega will be the most ambitious project Lotus has undertaken in its 70-year history, and it will sit on the bones of an all-new, bespoke all-electric drivetrain. With that, it’s tipped to be the fastest, most expensive and most radical model to ever wear the Lotus badge. Additional details are scarce, though reports suggest that it will be launched in the next decade and be built in strictly limited numbers.

Earlier in May, former boss Jean-Marc Gales (now succeeded by Feng Qingfeng) said the company planned to make a new model that will be positioned above the Evora, but the car will still use the brand’s extruded, bonded and riveted aluminium chassis as the foundation. This won’t be the Omega, then.

Lotus Esprit concept

Back to its pricing – the Omega is rumoured to be priced in excess of existing electrified hypercars, such as the McLaren P1, LaFerrari and Porsche 918 Spyder. Expect the final figure to hover close to the £2.5m (RM13.2 million) Bugatti Chiron.

The unprecedented move is part of Lotus’ (now with Geely as its new majority shareholder) strategy to reposition the brand as the most cutting-edge of performance automakers. However, it’s not without some obvious challenges – Lotus has long been synonymous with creating lightweight sports cars, and the adoption of electric power will invite new hurdles, primarily in the form of battery weight.

In response to Autocar’s story, Lotus didn’t comment on future product speculation. However, it said: “Lotus’ development team is exploring numerous engineering projects, across multiple vehicle sectors, using several propulsion systems. As part of the development process, these projects undergo continual and stringent valuation and only the best will reach production.”