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.

 

[Nova]

If this was in the US, someone would have already started a lawsuit. Mind you our American friends do love suing companies more than anyone else on the planet.

Hey, man, that's libel! Looks like yet another reason to annex Canada.

 

[Martylemoo]

Someone should make sure the Matt Windle "the price you pay is the price you were quoted" video doesn't get removed from youtube.
ETA:
“I commit to you that these costs will not be passed on to you – the price you are being quoted will be the price you pay for your Emira and that is a promise”
1:09-1:19
That's pretty unambiguous in a non-public communication to customers (who were the only people to receive the link). I don't see how they can argue their way out of it.

We need a mash up of this video and the email sent to us all saying there will be a price increase. I don’t have the skills or I would publish one.

 

[steverav]

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.

View attachment 22601

lets not forget the the promise

 

[steverav]

We need a mash up of this video and the email sent to us all saying there will be a price increase. I don’t have the skills or I would publish one.

 

[jimbobc]

I’ve just asked for my deposit back after 20 months. £6k doesn’t grow on trees and I have the Alpine.

 

[FlashingBlade]

Exactly. If we're now looking at 85k OTR for an Emira FE, surely the Emira S and GT are going to be circa 100k? And what engine are they going to use, the V6 is expensive to tune and the gearbox holds it back to 400-410bhp.

 

[Del Lardo]

I’ve just asked for my deposit back after 20 months. £6k doesn’t grow on trees and I have the Alpine.

Ditto (well "only" £5k and a 911). Absolutely gutted but I just can't make the man maths work on the new price.

 

[action_turtle]

I'm also in the ball-kicking group. Probably cancel it and look at getting a Porsche GT4. Will need to test drive it etc first, but at least i will have a chance of getting a car. The more they push my build back the more finance cost rise, to compound on the price hike.

 

[FlashingBlade]

I'm in that 'new vs old' argument. I could get an R8 V10 for not much more a month than what the emira would now cost me but with that comes used car pitfalls..

 

[Tonyshepp]

Interested to see how this will pan out

The update video emailed to deposit holders from Matt Windle was clearly a legally binding promise to deposit holders and would supersede the get outs they have on the website mentioning they reserve the right to change things. Me thinks a sharp letter from a solicitor will sort this out

But you dont have a contract, there's an option for you to purchase a car and for them to sell you one. The deposit placed isn't a contract at a specific price and isnt a contract.

 

[grahamgreen]

Enoughs enough here and I just can’t justify it anymore. 8th July 21 initial deposit and then second deposit early last year.

I4 customer. Just can’t justify the substantial increase.

** To add really disappointed that the failure to deliver to timescales and also being one of the first 50 i4 customers also sticks in the throat.

Trips down to Hethel and only last few weeks trip to Prestbury. It’s all hotels, travels costs and disappointment. Shot to bits.

I will get a 718 GT4 or Boxster GTS to replace the GT4 I sold previously in expectation of an Emira many, many months ago

Back to Porsche for me

 

[action_turtle]

I'm in that 'new vs old' argument. I could get an R8 V10 for not much more a month than what the emira would now cost me but with that comes used car pitfalls..

I would feel uneasy about getting performance cars second-hand. Never know what the owner has done in it. Perhaps thats a mute point in todays market, though... also, the R8 very very nice!

 

[gasolina]

Well I'm July 21 deposit I4.
2k deposit, then a further 3k deposit.
Had a 22 production date then a 23 prod date which was then "confirmed" as Sept 23.
No price freeze for me though!!!
Time to bail I think.

 

[Lotustoronto]

But you dont have a contract, there's an option for you to purchase a car and for them to sell you one. The deposit placed isn't a contract at a specific price and isnt a contract.

Its not a contractual issue... It's an advertising issue....

Bait and Switch selling, which this may or may not fall under, is where the problem is. Many companies in the US have been successfully sued for the same thing... Promise one price to get the customers deposits/commitments and then turn around and say oops, sorry, you can have it for this amount now. It's the fact that not one customer will have their i4 f/e price honoured.

 

[Porter]

Just got my email saying that my car is affected by the price increase. Just went back on the configurator and its about an extra 4k over when I placed the deposit. Getting so fed up now with this on top of the constant delays and APR increases that I'm really just thinking about walking away. The only reason I havent is because it will mean that I've wasted best part of two years waiting for something only to cancel when I'm probably four-five months from delivery.

Its getting to be a situation of what will be the straw that breaks the camels back.

Did they say explicitly that your particular order would be at a higher cost? You should confirm with LCC.

 

[grahamgreen]

Well I'm July 21 deposit I4.
2k deposit, then a further 3k deposit.
Had a 22 production date then a 23 prod date which was then "confirmed" as Sept 23.
No price freeze for me though!!!
Time to bail I think.

I was recently quoted as Aug *confirmed*

What can you say. Near two years and then this. Feels so wrong and being first 50 a real and significant disappointment

 

[VTECMatt]

You have to wonder whether Lotus want to thin down the U.K. Emira orders, waiting list until end of 2024, losing a hundred or so deposits isn’t going to impact them and will most likely sell future cars with little add one with bigger mark ups.

 

[FlashingBlade]

Did they say explicitly that your particular order would be at a higher cost? You should confirm with LCC.

Yes:

"Your Emira reservation is affected by this price increase, we apologise for any disappointment this may cause."

 

[grahamgreen]

I will call Lotus CS first and ask if they can get me into an equivalent spec’d V6 for pre increase prices (a cancellation) if they can’t then it’s money back time

 

[Ftype]

It seems that V6 FEs might be price protected and i4 FEs might not be. *sigh*

And potentially only V6FEs within a certain build/delivery date (e.g. MY23s).. but too early to tell until we get more responses.

I wonder if 1st June 2023 is the start of MY24 production? That might align with the I4 Being MY24 onwards and price protection only applying to MY23 vehicles... but this is speculation on my end right now.

I was July 21 deposit June 23 build on an V6 and not price protected even though Matt Windle gave a price pledge on video. I have cancelled mainly on quality concerns but this is the final straw