Lotus - Q3 results


Couple of things worth noting:

-- Only 1,298 Emiras were sold in the first nine months of 2025
-- EV sales are holding up better than I expected, but mostly in China. 3,314 EVs sold so far this year. Then again, the original plan was to sell 70,000 units a year!
-- The PHEV (hybrid) vehicle will be launched in the next few months. Probably a hybrid Eletre? I'd be surprised if the TYP 134 (Macan competitor) is ready for launch

This comment made me worry about the future of Hethel: " . . . the Company maintains active cooperation with Lotus UK and is methodically and prudently developing detailed integration plans to ensure a smooth transition and maximize synergies"
 
When you see this many Emiras at US dealers combined with the 6k incentive from Lotus, the Emira market is saturated. It compares to the saturation the Stingray and Z06 have in the market. Chevy is offering factory incentives on the 2025 models plus dealers are offering healthy discounts. Dealers are also offering discounts on 2026 models. GM doesn't have the financial situation that Lotus has nor does it have the tariff situation.
 
Overall... a HUGE f*&k up in terms of overall plan. Huge losses and NO sales to back it. The brand is 'dead'.

Emira... not well received. I own one and love it, but only after I modified it to make it much sharper. Lotus went the safe route to attract a larger audience and build a 'softer' car... and missed the point imo. It wasn't so well received, especially in end of the years group tests. It ended up not as a truly 'desirable' car. It could have been fantastic, more like an Alpine with manual v6 Supercharged, what a combo! Wrong choices and decisions lead to wrong outcomes. Anyway, you can't be right all the time, so the miss fits are part of the journey.

EV market for high priced EV's is also a disaster. Politicians should not interfere to much with the markets out there and leave choice to the consumer what they want and for manufacturers to know and make the products consumers want. Now with politicians interfering...man what a disaster and loss of wealth in UK and Europe.

Its very hard times to be a car manufacturer... and I bet the graveyard will be full in a matter of years from now with Iconic brands who have failed to survive.
 
Overall... a HUGE f*&k up in terms of overall plan. Huge losses and NO sales to back it. The brand is 'dead'.

Emira... not well received. I own one and love it, but only after I modified it to make it much sharper. Lotus went the safe route to attract a larger audience and build a 'softer' car... and missed the point imo. It wasn't so well received, especially in end of the years group tests. It ended up not as a truly 'desirable' car. It could have been fantastic, more like an Alpine with manual v6 Supercharged, what a combo! Wrong choices and decisions lead to wrong outcomes. Anyway, you can't be right all the time, so the miss fits are part of the journey.

EV market for high priced EV's is also a disaster. Politicians should not interfere to much with the markets out there and leave choice to the consumer what they want and for manufacturers to know and make the products consumers want. Now with politicians interfering...man what a disaster and loss of wealth in UK and Europe.

Its very hard times to be a car manufacturer... and I bet the graveyard will be full in a matter of years from now with Iconic brands who have failed to survive.

What exactly would you have changed?
(Let’s set aside the abysmal customer service, I’m talking about the car).

I bought an Emira because it’s the first Lotus since the Esprit that has interested me.
No disrespect to Elise / Exige / Evora but they did nothing for me.
If it wasn’t for the Emira I would have stuck with Ferrari or even gone McLaren.

The sales figures - while not remotely close to the original target - suggest that the Emira is the most successful car Lotus has ever produced.

So, while I agree the whole EV thing has been a debacle (and Lotus are not alone there) the Emira has been a winner as far as I’m concerned.
 
EV market for high priced EV's is also a disaster. Politicians should not interfere to much with the markets out there and leave choice to the consumer what they want and for manufacturers to know and make the products consumers want. Now with politicians interfering...man what a disaster and loss of wealth in UK and Europe.
You need the infrastructure for EVs to be truly successful - not just charging points at a a few garages but also kerbside charging points are needed (40% of homes in the UK don't have a way to charge at home otherwise). So this needs government intervention at least in the UK.

I would agree the governments probably overstepped the mark or at least seem to have been overambitious in the UK and EU. But as always it's not simple - there's a huge number of factors at play here.

JayEmm had a really interesting video talking about some of this recently

The UK White Paper on Net-Zero is also interesting https://assets.publishing.service.g.../201216_BEIS_EWP_Command_Paper_Accessible.pdf
 
Last edited:
So, while I agree the whole EV thing has been a debacle (and Lotus are not alone there)
Lotus have gone from being a company with a $0.15B profit (2022) to losing roughly $1B a year (23-24) but are forecast to break even this year.
Porsche have gone from being a company with a roughly €7.00B profit (2022-24) but are forecast to just break even this year.
You could argue that Porsche have messed up with EVs in a far more costly way than Lotus have (down €7B compared to Lotus $2B).
 
What exactly would you have changed?
(Let’s set aside the abysmal customer service, I’m talking about the car).

I bought an Emira because it’s the first Lotus since the Esprit that has interested me.
No disrespect to Elise / Exige / Evora but they did nothing for me.
If it wasn’t for the Emira I would have stuck with Ferrari or even gone McLaren.

The sales figures - while not remotely close to the original target - suggest that the Emira is the most successful car Lotus has ever produced.

So, while I agree the whole EV thing has been a debacle (and Lotus are not alone there) the Emira has been a winner as far as I’m concerned.

I would have worked on much clearer positioning of the Emira on what it should be and who should buy it. Now it is a bit neither of everything... or at least for me it is not 100% crisp and clear on who the intended buyer should be. Plus add the far from perfect introduction, delays and lack of quality and you have created a 'non-attractive' proposition. Worst case you could view it as: It's a bit of a sportscar wannabe vehicle with a Yaris interior. I have added Nitron, forged wheels, lowered it a bit, carbon bucket and 6p harness... this makes the car SO MUCH BETTER looking and driving! For me...this is how the car should have been, yet did not have that choice from EOM Lotus.
In standard trim, it's good, but not iconic. In today's very competitive market its very hard to create a desirable product... Lotus was at 70% with the Emira, but did not finish it.

My few cents... which are worth nothing ;-)

IMG_1715.webp
 
Not intended to offend in any way, as I appreciate what you’ve done to your car, but I suspect you’re the kind of buyer who likes to personalise your car anyway.
The Emira needed to appeal to a wider audience than their previous offerings, and it has done that.

If the Emira was like somebody else’s (who isn’t me) personal ideal car from the factory I would have walked past it.
 
Not intended to offend in any way, as I appreciate what you’ve done to your car, but I suspect you’re the kind of buyer who likes to personalise your car anyway.
The Emira needed to appeal to a wider audience than their previous offerings, and it has done that.

If the Emira was like somebody else’s (who isn’t me) personal ideal car from the factory I would have walked past it.

Agreed. For every guy who thinks the car should have came with carbon buckets and a 6p harness, there are 20 who wanted something softer for daily driving. Lotus needed to shift towards the larger market.
 
Politicians should not interfere to much with the markets out there and leave choice to the consumer what they want and for manufacturers to know and make the products consumers want
They’re not doing it to screw with us. There’s this problem called global warming.
 
It's a bit of a sportscar wannabe vehicle with a Yaris interior. I have added Nitron, forged wheels, lowered it a bit, carbon bucket and 6p harness... this makes the car SO MUCH BETTER looking and driving! For me...this is how the car should have been, yet did not have that choice from EOM Lotus.
In standard trim, it's good, but not iconic. In today's very competitive market its very hard to create a desirable product... Lotus was at 70% with the Emira, but did not finish it.

I think the Emira very much IS a sportscar. I would argue that you're trying to turn it into a Track car rather than a sportscar. My last car was a Cayman and I'm probably the intended customer in mind by Lotus. I use mine as a daily. Replacing the cushioned, heated, electric adjustable seats with carbon bucket seats and a 6 point harness would completely spoil the car for me. I also love the ride of the Emira. The ride quality is probably the killer feature, and they do some sort of magic that other brands have never achieved. On our bad British roads the Emira flows across them like a magic carpet. It's better than the PASM system on my Porsche, and though it is a little soft (especially the Tour variant) it still feels sporty. To slam the ride height I think would undo the good work and every pothole would be felt and an annoyance. I don't actually know what you mean by "wannabe with a Yaris interior".
Have you considered an Exige? That's a much more track ready car and may be more what you're after.
 
F-cars, GT3, M-cars all come with carbon buckets as an option.
My Emira is on Nitron, in a soft setting! It offers a fantastic ride.
It lives in the mountains, not close to a race track.
I don’t generally modify my higher end sports cars - they should be fantastic from the factory.

Emira…initial ride…a bit disappointing. The standard seats sit high and don’t offer the feel and support like in other sportscars…they are like my Yaris GR’s. The ride hight is high, the turn in ‘slow’, its lost some of Lotus DNA, …I just felt it disappointed and was too compromised as it wants to be a road car for a wide audience. Besides me, it scored very low in most Car of the Year competitions, while it could and should have been a potential winner. It could have been iconic!

I understand Lotus is at an impasse. But to survive you need higher margins, read higher prices. You need highly desirable products to start with, wether EV or Sportcar. Clear positioning on WHY you should buy it and not the competitors product is part of that… till today I don’t see how Emira is positioned in the market…

I have a big Lotus hart, love my Emira! So feel sad about all that is happening.
 
Last edited:
Agreed. For every guy who thinks the car should have came with carbon buckets and a 6p harness, there are 20 who wanted something softer for daily driving. Lotus needed to shift towards the larger market.

This doesn’t add up… a better positioned Emira, sharper and more GT3 like… could have sold at least 2000 cars per year… your math says x20 = 40k Emira’s per year. That’s the whole point… those buyers weren’t there!
 
Not intended to offend in any way, as I appreciate what you’ve done to your car, but I suspect you’re the kind of buyer who likes to personalise your car anyway.
The Emira needed to appeal to a wider audience than their previous offerings, and it has done that.

If the Emira was like somebody else’s (who isn’t me) personal ideal car from the factory I would have walked past it.

This is how the high end sportscar market works… margins are made over the personalised options, stitching, carbon, colours, etc. This is how manufacturers are successfull, this is what customers want, this is where the money flows.

I don’t believe there is a segment in the ‘middle’ where people want a not so great standard product in like max 5 colours with not enough differentiation options on the list… for the same money you buy a new Defender! Now that is a fantastic product…I know I bought it! Went greenlaning in Wales, which was also fun and something else.
 
It sounds like on the one hand you are saying the Emira should have more options from the factory - in which case I agree with you.
You should have the option to spec a more hardcore Emira if that’s what you want.

And on the other hand you seem to be saying it should come from the factory that way from the start.
As I’ve already said - and others seem to agree - if that was the case I wouldn’t have bought one, so the suggestion that they would have sold more if it was more hardcore out of the box simply isn’t correct.

The Emira is hardly an orphan when it comes to a “lack” of options - for example the just released new 911T is copping some flak for the apparent minimal personalisation available, and there are plenty of new cars around where you can have any colour you like as long as it’s a shade of white, black, or grey.

The Emira was sold (at least here) as a direct Cayman competitor.
In that respect it stands up very well indeed, and I would argue it’s a more desirable car on pretty much every level.

As to your claim that it has scored low in various comparisons, well these days there are so many clowns and try-hards doing online stuff it’s almost at the point where they are worthless and it just comes down to personal opinion, or what will get the most “clicks”.

For what it’s worth, Throttle House named the Emira their 2023 Car of the Year, and Pistonheads decided the Emira was better than the previous gen 911T.

It was never meant to compare to Ferraris, McLarens, etc but the fact that people do that (including me at purchase time) suggests that it actually punches above its weight.
 
It sounds like on the one hand you are saying the Emira should have more options from the factory - in which case I agree with you.
You should have the option to spec a more hardcore Emira if that’s what you want.

And on the other hand you seem to be saying it should come from the factory that way from the start.
As I’ve already said - and others seem to agree - if that was the case I wouldn’t have bought one, so the suggestion that they would have sold more if it was more hardcore out of the box simply isn’t correct.

The Emira is hardly an orphan when it comes to a “lack” of options - for example the just released new 911T is copping some flak for the apparent minimal personalisation available, and there are plenty of new cars around where you can have any colour you like as long as it’s a shade of white, black, or grey.

The Emira was sold (at least here) as a direct Cayman competitor.
In that respect it stands up very well indeed, and I would argue it’s a more desirable car on pretty much every level.

As to your claim that it has scored low in various comparisons, well these days there are so many clowns and try-hards doing online stuff it’s almost at the point where they are worthless and it just comes down to personal opinion, or what will get the most “clicks”.

For what it’s worth, Throttle House named the Emira their 2023 Car of the Year, and Pistonheads decided the Emira was better than the previous gen 911T.

It was never meant to compare to Ferraris, McLarens, etc but the fact that people do that (including me at purchase time) suggests that it actually punches above its weight.

Yes I am of the opinion Lotus should have offered 1. more distinct differentiation between the 2 current specs offered, to have clearer positioning. At different price points! A more hardcore performance based Emira and a mild road going every day Emira. There would have been a much broader target audience! More potential buyers vs now.

Yes I am of the opinion the Emira could have been a much better, more attractive, iconic, desirable product from the factory.

Plus yes I am confident, the margin is in the options! Stiching colour in a 911 is 3000 eur + as an option, Ferrari dealers are incentivized to average 70k eur on options on new Ferraris ordered, PTS or bespoke colors are 10-20k and customers love it. This is where high margins are for manufacturers. Why torture yourself and put yourself in a worse position as a manufacturer, just for the sake of being able to get the production going and have everything standardized.

In the end it's not important what I want. The conversation is about where Lotus got it wrong with the Emira. In my opinion on all of the above points they missed the opportunity. For those of you who bought one for the love as it is now...all triumphs to you! However please realize there is too few of you at current low price point to sustain this. Not a good plan.

Plus I would not call all the leading car magazines and their editors 'clowns'. I respect most of them, neither of them rated the Emira high vs outright competition in terms of the best driver cars out there.

But each their own opinion. Makes life more interesting. In the end Money talks, Bullshit walks. And fact is... the money is not going to Emira in the numbers planned. The question is where did Lotus' plan fail (or call it a great success?) and what could have been their options?
 
When you see this many Emiras at US dealers combined with the 6k incentive from Lotus, the Emira market is saturated. It compares to the saturation the Stingray and Z06 have in the market. Chevy is offering factory incentives on the 2025 models plus dealers are offering healthy discounts. Dealers are also offering discounts on 2026 models. GM doesn't have the financial situation that Lotus has nor does it have the tariff situation.
that 6k incentive was for 2025 models tho, not 2026. incentives for old stock isnt unusual
 
I test drove a 2025 with touring and didn’t purchase since I thought handling should have been sharper and the gearbox was clunky. I couldn’t get into 1st at a stop without sliding the shifter into 2nd first or double clutching.

I test drove a 2026 sport suspension and was totally happy, handling felt sharp, and shifter was smooth. I don’t know if it has anything to do with the 2026 gearbox upgrade. If it does, they should be advertising it more and getting reviews out there.

Despite higher msrp for a 2026, im ok with it since I still think it’s a bargain. There are really no competitors for a true 6mt sports car. I’m coming from a 6mt cayman gts, which performs flawlessly, but I’m looking for something that feels more special. 911T is much more than 150k after options, and still looks huge and boring. Supra looks great and is affordable, but not the same level of handling, rarity and exotic looks.

A new v6 will be coming in 2027, but that’s being done to satisfy emissions so don’t know if it will be an upgrade. One of the benefits of the Toyota motor is the known history and reliability. I don’t know if I’d roll the dice for the first year offering from a brand new supplier…
 
  • Like
Reactions: VR1
So you drove a 2026 car? How did they implement the speed nannies. Can you say anything about that (peeping etc.)?
 
So you drove a 2026 car? How did they implement the speed nannies. Can you say anything about that (peeping etc.)?
Yes the nannies are there and are annoying. They are disabled easily, but have to be done each time u drive. Annoying but not a deal breaker for me not to buy it, especially when every new car will have them…
 
Thanks. So does it beep as soon as you are 1 mph over the speed limit? How easy is it to disable it before every drive? I reslly hope there is a short cut or so…
 

Create an account or login to comment

Join now to leave a comment enjoy browsing the site ad-free!

Create account

Create an account on our community. It's easy!

Log in

Already have an account? Log in here.

Supporting Vendors View all →
Back
Top