Prices increase update from Lotus - and stopping of reservations for V6 FE

Please be advised that, as a result of significantly increasing costs, the Lotus Emira will later this year be subject to new pricing.

Whilst a significant level of cost increase has been absorbed, with effect from 1 June 2023, the retail price will increase to £81,995 (incl VAT) for the Emira V6 First Edition, and £77,795 (incl VAT) for the Emira First Edition 4-cylinder turbocharged variant. Full pricing details can be found on our website. However, your Emira reservation will not be affected by this increase, we can confirm your reservation has been price protected.

We are fully committed to our production schedule and in the next two weeks, we will be in touch via email to update you further on the progression of your Lotus Emira.

Due to overwhelming demand, we will be closing reservations for Lotus Emira V6 First Edition. We will be sharing the exact timings soon.

 

[lion shf]

Yeah, that's why I referenced the Clinton administration. Everything after the Clinton quote was Nova's own word salad however.

Honestly from some of the things I read in this forum, I'm truly amazed at people's reactions. If they're like this just over a car, what would they be like if it was something actually serious?

That’s just it, this isn’t serious.

 

[EspritGuy]

It wasn't just similar, he literally quoted Bill Clinton. A pretty solid joke, tbh.

For that, you are awarded a cigar.

 

[fellman3]

The fundamental problem Lotus now have, and Matt Windle in particular, is one of customer trust. As the saying goes ‘Trust arrives on foot and leaves on horseback’. From my perspective the horse has just disappeared over the horizon. I’m not sure I’d now believe any ‘guarantee’ given by the MD or the company - ‘The price you’ll pay is the one quoted when you made your deposit’. Or maybe not….

 

[Off The Shelf]

MD needs to go. Zero trust in the company now

 

[simonb]

or a sensible voice / decent guy who needs to be retained?

 

[vision]

or a sensible voice / decent guy who needs to be retained?

I agree, needs to stay, who knows the MD's name at any high end sports car manufacturer, I guess none without googling it. At least he has the balls to stand on the front line and take criticism daily from people on this site.
If people are dissatisfied with the MD then do not buy the car, Im buying for the looks etc not for one person.

 

[Pete]

I agree, needs to stay, who knows the MD's name at any high end sports car manufacturer, I guess none without googling it. At least he has the balls to stand on the front line and take criticism daily from people on this site.
If people are dissatisfied with the MD then do not buy the car, Im buying for the looks etc not for one person.

But he’s not standing on the front line when it matters. I know who is from the Channel 4 documentary, where I also learnt we have people like Russel Carr to thank for the stunning looks and Gavin Kershaw for the way it drives.
But the stain on the buying experience has been the comms. It’s bad that Matt made a promise he didn’t have to make and then broke it. He’s compounded that decision by not fronting up to the situation by not doing another video to explain the decision.
I’ve still got my deposit in, but as said above by @fellman3 my reservations now are around trust. If a new MD came in and accepted where they had gone wrong and what they would change going forward then they could start to win my trust back. As it is I’m now reviewing other options, but with an open mind.

 

[Tonyshepp]

Im sure Matt had good intentions when he made the video about a price pledge but he can’t see into the future. The debacle lies with operations who can’t build them. Be thankful it’s a small rise, Cadburys put their chocolate up by 25% and offered slightly less for that increased price.
You are getting a desirable , depreciation busting car If the year on year prices keep rising which they will until the order book is empty.

 

[Grumpy]

But he’s not standing on the front line when it matters. I know who is from the Channel 4 documentary, where I also learnt we have people like Russel Carr to thank for the stunning looks and Gavin Kershaw for the way it drives.
But the stain on the buying experience has been the comms. It’s bad that Matt made a promise he didn’t have to make and then broke it. He’s compounded that decision by not fronting up to the situation by not doing another video to explain the decision.
I’ve still got my deposit in, but as said above by @fellman3 my reservations now are around trust. If a new MD came in and accepted where they had gone wrong and what they would change going forward then they could start to win my trust back. As it is I’m now reviewing other options, but with an open mind.

Actually the lines for the Emira were originally drawn by a more junior member of the design team... I suspect a lot of what is happening is out of Matt Windle's hands. Business management in China is on a different axis to the western europe and whilst we may find the approach strange at times it's just how it is. The Emira was never expected to be as wildly popular as it was and the war wasn't expected etc etc. He strikes me as a decent enough guy and I am pretty sure when he stood up and made those comments he meant them, but ultimately he has to answer to others who can impose their decisions. He is not the ultimate boss here but may pay a price and take the hit - I hope not.

Lotus have struck many home goals in this process and whilst I have yet to be blown away by the product, maybe because of the strictly limited test drives, Harry, James and Sam have all been very positive about the car. Given the complete lack of relationship between James and Lotus due to the historical issues between them (and Lotuses apparent natural lack of friendliness towards journalists and customers) his review was glowing.

 

[DJS]

Let's give matt a break, you could see how much he cares from the Harry's garage YouTube video, and all the effort he has made putting in all them extra hours, as said before Lotus were attacked from all directions with Covid/Brexit/Personnel issues.

When I was on my tour matt had the decency to come over and introduce himself to everyone that was on the tour which was appreciated by us all, I don't think Lotus were ready for this massive upgrade at Hethel from what they were building to this new 100 million facility it was always going to be a challenge.

Matt knows he will now have to eat humble pie due to the companies promise last June but let's judge Lotus on the next 12 months as there is no excuses now.

 

[ADC]

Im sure Matt had good intentions when he made the video about a price pledge but he can’t see into the future. The debacle lies with operations who can’t build them. Be thankful it’s a small rise, Cadburys put their chocolate up by 25% and offered slightly less for that increased price.
You are getting a desirable , depreciation busting car If the year on year prices keep rising which they will until the order book is empty.

To fit that analogy to the situation, you have to ignore that you could have been happily consuming actual chocolate bars over the last couple of years before they put the price up.

Let's suppose that Cadbury announced delicious-looking new chocolate bar, and a bunch of people said "I want some of that! can I have 75000 of them please?". Cadbury says, yes, we're just finishing off our brand new production line for making them... just put down a few grand, and we'll ask for the rest right before we send them out in a few months.

Then, they ignore you for about 18 months, other than occasionally to let you know you're "definitely" going to get your 75000 chocolate bars "soon". Apparently, the chocolate tastes pretty damn good most of the time, but some batches are a bit waxy and/or full of air bubbles, so they keep tweaking their processes to make sure each bar is as delicious as it should be.

Finally, they let you know that, despite your patience, you'll actually have to find another 6 grand, because while you were sitting there salivating for a year and a half, the price cocoa went up (despite them having had the opportunity to stockpile at least some over that time for the earliest orders). And during all that time, you had held your money aside, and avoided blowing it on Ritter Sport or Hersheys or whatever. And you really want some chocolate dammit.

In that context, it is hard to be thankful.

I guess the moral of this story is: don't write replies to forum posts when you are hungry, because you will come up with some ridiculous shit like this.

 

[FlashingBlade]

I thin Matt has been hung out to dry tbh.

The compromise position would have been to say every order placed after his pledge would now have to be subject to a price increase. Not pretty, not pleasant but at least it gives him a modicum of a chance to save face. The fact that it dates the price rise to every car essentially after Goodwood is really unpleasant. When he made that video he must have seen it as possible to deliver the cars and still make a margin. The fact that Lotus are saying they now cant is one of three things as I see it, they got the original sums wrong, prices have gone up even more than expected or they want to cash in and squeeze as much as they can out of each car.

 

[TomE]

They have been hit very hard by increased logistics costs, as well as the inflation on parts. Plus each car is taking longer to build than expected, so more labour content, and the amount of rework after build completion. I imagine their numbers look much worse than originally planned.

 

[Dabjbr]

Since we like analogies…

We are in an abusive relationship with Lotus. We so desperately want it to work out. We try to cite only the positives and ignore the mistreatment. We make excuses like Covid, inflation, supply shortage, boutique manufacturer, Chinese owned and constantly excuse Lotus. We free them from taking responsibility even from things within their control.

Fact is, Lotus is a bitch. We just have to decide how much we’re willing to put up with to enjoy the good times. I’m staring in the mirror trying to decide that myself.

On the other side of the customer service spectrum, I have my dealings with Chevrolet. I own a Camaro SS 1LE with 15k miles. At 10k, I spun a bearing while on track. Engine was completely destroyed. Car was towed directly to the dealership still with melting rubber in wheel wells, in car camera, number stickers on door panels, etc. It was abundantly clear where it failed.

Service advisor took the car in. We chatted about 10 minutes. I didn’t bother trying to explain myself. A few days later, advisor called and detailed the failure. Explained they were requesting a replacement under warranty. One week later, without any action or pleading on my part, Chevrolet approved. 2 weeks later, I drove away with zero out of pocket and huge appreciation and respect for a manufacturer that stood by their word. See below.

Had that experience been with Lotus, I am fairly certain it would’ve been the polar opposite.

>>>>>
The man behind it? Non other than Al Oppenheiser, the Camaro ZL1's chief engineer, a diehard automotive wizard who gives credence to the "gearhead" appellation.

"If you're not modifying your car and you take your production car to a track day and you have an issue with one of your parts, it's covered under warranty," he recently told Motor Authority. "We know when somebody changes their ECM calibration and we know if they changed to a cold-air intake, we can tell all that. But driving it as you break it in from the dealership, if you have a half-shaft or whatever, it's covered."

 

[Green]

Not sure I agree with your analogy of a abusive relationship. Maybe a stretch. I must be on the total other end of the relationship spectrum. I just want a car and do not get caught up in or want a relationship or the extra fluff. I do not want a unveiling or a box of chocolates at Christmas. Cost changes are part of life and if people are upset I get it but it is not going to effect me buying the car. Problems with new models are normal and does not concern me at all. Some people are high maintenance and some are not. I think high maintenance people are typically more vocal and sensitive. It is great that we have this forum to vent our concerns. I fully recognize the experience and car will not be for everyone. For me it’s the only one!

 

[ChrisJ]

Have estimated residuals on finance increased since this price uplift? I don't know what they were before.

 

[Dommo]

Have estimated residuals on finance increased since this price uplift? I don't know what they were before.

No. Exactly the same 'balloon' as before the price hike, although they did increase the balloon slightly with the last interest rate rise.

I'm lucky to be amongst the 'price protected' people but I've kept screen shots of the Lotus finance configurator since the rate went up to 6.9 APR (and each increase or change thereafter) and at 6.9 APR (and original car price) I would have been paying £459.78 per month over 48 months with £25k deposit and a 'balloon' of £46,424

Now, for the same car and same deposit, anyone paying the price increase and increased APR - the cost is £694.91 per month with a 'balloon' of £48,018

 

[Nova]

This is a classic case of "no good deed goes unpunished". He could have stayed mum, he could have played his cards close. But no, he had to come out and communicate with his customer base, he had to assure the pitchfork-and-torch masses that everything was going to be alright.

Hopefully, he learns not to engage from the blowback he gets from this messy episode.

 

[EM12AAM]

Im sure Matt had good intentions when he made the video about a price pledge but he can’t see into the future. The debacle lies with operations who can’t build them. Be thankful it’s a small rise, Cadburys put their chocolate up by 25% and offered slightly less for that increased price.
You are getting a desirable , depreciation busting car If the year on year prices keep rising which they will until the order book is empty.

He didn't need to be able to see into the future. When he made that statement he already knew about the war in Ukraine, the supply chain issues caused by COVID and Brexit, high inflation in the UK, production delays. The statement was recorded on 10 June 2022, not 2021.

And in any event, he should be wise enough not to make promises he isn't sure he can keep. Simple as.

 

[EM12AAM]

I thin Matt has been hung out to dry tbh.

The compromise position would have been to say every order placed after his pledge would now have to be subject to a price increase. Not pretty, not pleasant but at least it gives him a modicum of a chance to save face. The fact that it dates the price rise to every car essentially after Goodwood is really unpleasant. When he made that video he must have seen it as possible to deliver the cars and still make a margin. The fact that Lotus are saying they now cant is one of three things as I see it, they got the original sums wrong, prices have gone up even more than expected or they want to cash in and squeeze as much as they can out of each car.

Which Goodwood? The video in question, as I say above, was recorded in June 2022.