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.

 

[Porter]

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

Goodwood 2021. Depositors from the end of July less than a month after the original reveal are affected by the price bump, which is crazy to me.

Though I personally don't think the pitchforks are entirely warranted, I do understand why people are upset.

 

[JimH]

Goodwood 2021. Depositors from the end of July less than a month after the original reveal are affected by the price bump, which is crazy to me.

Though I personally don't think the pitchforks are entirely warranted, I do understand why people are upset.

And ALL the i4 depositors, regardless of deposit date…..

 

[DrKB]

Is yours an auto? I received the price guarantee email but placed my initial deposit 6 days after you - V6 manual.

No, V6 manual

 

[Nick in Sydney]

Though I personally don't think the pitchforks are entirely warranted, I do understand why people are upset.

Only because a very clear and specific promise was made. I think that without that pledge, people would have grumbled but understood that costs had gone up. But what's the point of making a promise if you're not going to keep it?

 

[Lotustoronto]

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.

Tom, while I agree that the prices originally marketed (60K pounds starting price) in 2021 were always going to be increased due to the situations you outlined, Matt's video was done just over 6 months ago. ROW pricing was removed from all websites in Sept. 2022. This can not be coincidence. He knew what was happening when he made the video. They knew in September that the 60K i4 base price was never going to happen and that the increase was happening. That video served the purpose of keeping hope that Lotus will not do, what it inevitably did. Not honour it's word. They wanted to avoid customers asking for refunds. We all discussed in depth on when and how it would take place, which then led to if a deposit holder is considered a customer.... anyways, I watched the video many times and based on many examples of Lotus' performance with it's customer base, I truly believe this video was made to deceive oppose to being honest with it's customer base. There is no possible way that 6 months ago they did not see how it was going and the prices they were paying in procuring the materials and parts needed for the assembly line. At a minimum they knew in Sept. 2022 when all the websites removed pricing at the same time. (except for V6 F/E price)

I know you and other members are being diplomatic and pointing out that it's a fair increase/the reasoning behind it. The increase was inevitable and necessary. It's the dishonesty and willingness to use unethical practises in Lotus' favour that really bothers me. Will flow into other areas that matter more to me than just a few thousand dollars? Warranty claims, build quality and other more important parts of owning a rare and unique sports car might go through that same thought process. I don't know what to make of it fully, on one hand they seem to be trying to sort issues but on the other they seem to have no problem deceiving the customer.

** I also say this because when the pricing was taken down on the Canadian website, a week later I emailed Lotus CS and asked to confirm base i4/v6 pricing. They quoted me the old prices, despite me saying that they were removed from the web page. They said the website was being updated for the new configurator.... sure it was. I'm not blaming the CS rep as they were probably told to say this. But it is another example of their deception. Yes, the site did receive an update a few weeks later, but pricing was never added back in.

 

[action_turtle]

Yes, Base queue is in deposit date order. I gather there are less than 500 people in the UK Base queue at the moment, so anyone already waiting is likely to be in the first 2-3 months of Base production. That’s due to start in Q1 2024.

Do you know how many are in the FE Manual and Auto queue? I'm a black sheep auto FE, Lotus told me they are not even looking at making autos until June. I assume the auto list is a short one

 

[Dabjbr]

It's the dishonesty and willingness to use unethical practises in Lotus' favour that really bothers me. Will flow into other areas that matter more to me than just a few thousand dollars? Warranty claims, build quality and other more important parts of owning a rare and unique sports car might go through that same thought process. I don't know what to make of it fully, on one hand they seem to be trying to sort issues but on the other they seem to have no problem deceiving the customer.

Exactly! They act as if it doesn’t matter how a potential customer is treated. That’s seems crazy as wouldn’t you instead be trying to swoon new customers? Give them your best first impression? Instead, they treat people poorly at a time they’re trying to earn your business. Can we, should we, expect their service level to improve once we’re locked in with a purchase? I highly doubt it.

Like you, I‘m bothered by their behavior.

 

[teamvxracing]

Just texted with Abigail on the uk lotus customer care, chatbot thing. Just been advised to email [email protected] to cancel.

 

[TomE]

Do you know how many are in the FE Manual and Auto queue? I'm a black sheep auto FE, Lotus told me they are not even looking at making autos until June. I assume the auto list is a short one

I know Autos are well under 10% of total V6 orders, not sure how they split geographically though. Anecdotally I'd heard more were LHD than RHD.

 

[action_turtle]

I know Autos are well under 10% of total V6 orders, not sure how they split geographically though. Anecdotally I'd heard more were LHD than RHD.

That is good news for me, then, as we are not talking thousands upon thousands... perhaps July is realistic

 

[CDM1855]

I know Autos are well under 10% of total V6 orders, not sure how they split geographically though. Anecdotally I'd heard more were LHD than RHD.

@TomE oh good, got me rare one I hope

 

[Gizmo750]

@Gizmo750 I called them up this morning because I also hadn’t received one, it appears that they should have been sent to everyone, so they’re checking if there was a glitch because they are auto sent from the marketing department

Did you get a response as to why you hadn't received the email? Or better did they actually send an email to you to let you know your situation? I've been chasing CS daily and I'm getting nothing, so I'm currently in the dark as to how/if this affects me.

 

[PhilCP]

Did you get a response as to why you hadn't received the email? Or better did they actually send an email to you to let you know your situation? I've been chasing CS daily and I'm getting nothing, so I'm currently in the dark as to how/if this affects me.

I've not received the email. After speaking to them (last week) they did tell me they were aware some people hadn't received them and it had been passed to the relevant department.

Still not received anything.

 

[FlashingBlade]

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

This is a similar situation to me, except I'm not protected. At £450 a month I was happy to have it as a second car for 6-7000 miles a year. At £750 I'm thinking I'd be better off sinking it into a better all-rounder and just running a single car with single tax and insurance etc. Especially, as those who pay the new priced are going to be competing with those who paid less. Come sale time, the values will be the same but one will cost the owner more.

 

[gdotp]

I’m any early I4 depositor and feel pretty peeved about this increase give the very public promise made by MW. I suspect that one reason reason for foisting the increase on i4 owners is that the overall margin on these is less than it was previously than is so with the v6. The fact is that if I’d gone with the v6 I’d already have it at the lower price. I did wait 2 years for the original Elise and my M250 was cancelled after which I went to BMW for a good period. I wanted to come back to lotus but am now seriously looking at a nearly new Porsche Camen GTS if the i4 reviews don’t stack up.

 

[Dommo]

This is a similar situation to me, except I'm not protected. At £450 a month I was happy to have it as a second car for 6-7000 miles a year. At £750 I'm thinking I'd be better off sinking it into a better all-rounder and just running a single car with single tax and insurance etc. Especially, as those who pay the new priced are going to be competing with those who paid less. Come sale time, the values will be the same but one will cost the owner more.

Imagine if the APR goes up to 9.9 % , as some people are predicting! That would surely be the killer blow for many

 

[First Lotus]

Only because a very clear and specific promise was made. I think that without that pledge, people would have grumbled but understood that costs had gone up. But what's the point of making a promise if you're not going to keep it?

Because Lotus are playing dirty tactics not to have everyone running for the hills whilst using our money to fund their production before moneybstarted coming in from the cars.
If when you ordered the car they said you will wait 18 months and its actually going to be another £6k...how many would now be sat in a competitors vehicle?
Unfortunately I wouldn't be one of them. As much as I really want to just walk away, I'm too shallow... Its all about looks for me!
I'm still not 100% certain I'll go through with it due to price rise. But it'll be this or nothing.

 

[Lankan]

I too received my email, on 15th February, and, much like everyone else who is affected, feel quite let down, especially after having a build slot for Spring 2023 (before the price increase is said to kick in), and then being pushed out to Q1 2024. All this after Matt Windle's assurance (via YouTube - 10th June 2022) that prices will be held for those who have placed orders.

I was prepared to be patient, and said so to LCC, but the price increase is a bit of a kick in the teeth...so, time to ponder.

 

[lion shf]

I’m any early I4 depositor and feel pretty peeved about this increase give the very public promise made by MW. I suspect that one reason reason for foisting the increase on i4 owners is that the overall margin on these is less than it was previously than is so with the v6. The fact is that if I’d gone with the v6 I’d already have it at the lower price. I did wait 2 years for the original Elise and my M250 was cancelled after which I went to BMW for a good period. I wanted to come back to lotus but am now seriously looking at a nearly new Porsche Camen GTS if the i4 reviews don’t stack up.

You gotta get your ducks in a row before you roll over to rennlist asking about camens
im shopping pre owned b718s on the daily

 

[Magma]

You gotta get your ducks in a row before you roll over to rennlist asking about camens
im shopping pre owned b718s on the daily

Sorry....but spelling it right is the first step.
Cayman