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.

 

[0pirates0]

It does feel like someone has left a semi solid floater in the lotus brand-equity-bathtub though.

If I was Geely I’d be pretty upset aboutP that

Plz dun feel sorry for Geely. The big corp is pushing Lotus to be listed in Nasdaq very soon. I have just read their prospectus: their estimate revenue of 2023 is 2.2-2.4billion USD(from sale of eletre and emira). You can try to forecast the production of emira this year.

 

[CDM1855]

the total order # of emira was around 4k worldwide(b4 Nov 2022), then China contributed around 1200 of i4s in Nov. 22. Im not sure the total oder number of emira after all the delay and cancellation.

I was advised that the total number of deposits placed is closer to 10,000

 

[0pirates0]

I was advised that the total number of deposits placed is closer to 10,000

If so then some of us will need to wait 3 years to get their summer toy(hethel factory production rate at around 3k/year max)

 

[Porter]

the total order # of emira was around 4k worldwide(b4 Nov 2022), then China contributed around 1200 of i4s in Nov. 22. Im not sure the total oder number of emira after all the delay and cancellation.

Over 10k.

 

[fellman3]

That’s my view too. Where there is a contract at a declared price then Lotus is likely to have difficulty increasing the price. It will depend on the other T&Cs.

In the UK people have paid a reservation fee and the T&Cs explicitly allow Lotus to change almost everything, including price, timeframes and spec.

Which they have taken full advantage of. UK buyers short changed as given the option most, if not all, would have chosen the same protection as US&Canadian customers.

 

[fellman3]

If so then some of us will need to wait 3 years to get their summer toy(hethel factory production rate at around 3k/year max)

I’ve been told ‘likely’ to be Q2 2024 on a 14th July 2021 deposit.

 

[action_turtle]

Over 10k.

How many FE's are they making? I hope that if they have 10k on a wait list, 7k+ would be i4s, else they wont even get to the i4 production in the next 5 years at this pace

 

[Porter]

How many FE's are they making? I hope that if they have 10k on a wait list, 7k+ would be i4s, else they wont even get to the i4 production in the next 5 years at this pace

I don't know what the breakdown is, but I know they got a very large number of V6 orders. They will not be separating the production lines, but interleaving them, so V6 orders won't hold up I4 orders, they will be doing them at the same time. I don't think the I4 delays have anything to do with V6 order volume, but rather other kinds of production challenges.

 

[action_turtle]

I don't know what the breakdown is, but I know they got a very large number of V6 orders. They will not be separating the production lines, but interleaving them, so V6 orders won't hold up I4 orders, they will be doing them at the same time. I don't think the I4 delays have anything to do with V6 order volume, but rather other kinds of production challenges.

Thanks for the info. Really trying to get an idea of how all this works to gauge if I should cancel my order and get something else. The current deal on my car ends in September, so I want to get rid of it, but I cannot be without a car. V6 Auto, deposit paid September 2021. They told me that autos are not even being looked at until June, which I found out on this forum is wrong as people are picking up Autos this month. So I feel like I'm just being led around, and once June comes, they will give me yet another 6-month delay. It shouldn't be so hard to say you are number XXXX in the line. It would then be easier to predict whats going on, knowing they only manage to build a few handfuls a day.

 

[lion shf]

I don't know what the breakdown is, but I know they got a very large number of V6 orders. They will not be separating the production lines, but interleaving them, so V6 orders won't hold up I4 orders, they will be doing them at the same time. I don't think the I4 delays have anything to do with V6 order volume, but rather other kinds of production challenges.

Are you buying a 4?

 

[Porter]

Are you buying a 4?

No, I've had a V6 FE deposit placed since the Goodwood launch in early July 2021, which resulted in a hard order through my US dealer in April of 2022 and confirmed by Lotus with an order ID.

I'm in the second wave of US V6 FE production, currently "scheduled" for May 2023 build and August 2023 delivery. Feels weird that I have to put the year in for clarity now.

 

[FrenchBred]

I'm still reeling from this price increase, an unexpected inverted drop on the roller coaster ride that is prospective emira ownership...

Anyway, what do we think the UK price for a base edition v6Mt will now be?? I might have to scale down my ambition...

 

[lion shf]

I'm still reeling from this price increase, an unexpected inverted drop on the roller coaster ride that is prospective emira ownership...

Anyway, what do we think the UK price for a base edition v6Mt will now be?? I might have to scale down my ambition...

I’d like to know this as well. I’m all about base non electric seats, base 19” wheels I’ll use as snows and base audio.

 

[Stiffarm]

No, I've had a V6 FE deposit placed since the Goodwood launch in early July 2021, which resulted in a hard order through my US dealer in April of 2022 and confirmed by Lotus with an order ID.

I'm in the second wave of US V6 FE production, currently "scheduled" for May 2023 build and August 2023 delivery. Feels weird that I have to put the year in for clarity now.

How did you confirm second wave status and Aug production?

 

[Stiffarm]

How did you confirm second wave status and Aug production?

Sorry, May build and August delivery?

 

[TomE]

I'm still reeling from this price increase, an unexpected inverted drop on the roller coaster ride that is prospective emira ownership...

Anyway, what do we think the UK price for a base edition v6Mt will now be?? I might have to scale down my ambition...

Plus £6k on the previously published Base V6 price. I suspect the options will be +10% too.

 

[Porter]

How did you confirm second wave status and Aug production?

Sorry, May build and August delivery?

Based on my dealer's feedback, and being in the 2nd month batch of US V6 FE hard orders. The first was in March 2022, and mine was in April 2022.

Production dates are based on the chart released by Gator Motorsports that was provided to them by Lotus.

 

[EM12AAM]

Recent $\£ exchange rate fluctuations might explain why Lotus is holding prices in the US but increasing prices in the UK. A year ago there were approx $1.35/£. Now it’s closer to $1.2/£. As Lotus sells cars in the US in $USD but the majority of its costs are in £GBP, there is an appreciable exchange rate gain at the moment for US sales which will off-set inflationary costs in materials and labour. There is no such gain for UK sales so Lotus now under pressure to increase UK prices to maintain its margins.

I'm sure that Lotus might be tempted to run that as a justification but it really depends what time period you choose. It's absolutely true to say that the pound has fallen against the dollar from the time of the Goodwood reveal from ~1.4 in June 2021 to around 1.2 now (that's around 14% and is real money, depending on what dollar expenditure Lotus has in its supply chain and what currency hedging facilities it has in play - both of which will affect every car no matter what market). The sting is that the exchange rate is now almost exactly the same as when Matt Windle made his price "promise".

Inconveniently for this argument, the costs of shipping the cars to the US has dramatically increased and I wonder how that impacts on the currency gain.

As others have said, I suspect the quoted price being honoured in North America is more to do with the nature of a contract (with a non-refundable deposit) versus a refundable deposit to hold a place in the queue. Though I'm past caring now.

 

[Nick in Sydney]

Looks like I might be another cancellation. Ongoing delays and the recent price increase (even though Matt Windle said deposit placers wouldn't be seeing any price increases) has really turned me off. I'm going to be test driving a V6 Emira tomorrow, but unless it's simply amazing, I'll be sending the cancellation email.

But the V6 isn't going up in price for deposit holders in Australia? The local distributor has said they're holding the price on V6 deposits and only passing on 50% of the wholesale increase on i4 deposits.

 

[FrenchBred]

Plus £6k on the previously published Base V6 price. I suspect the options will be +10% too.

What was the original base price for v6? I assumed the i4 was £60k and v6 was more, but don't recall seeing it published.
Sorry, I need this spelling out for me