Work has begun, says Lotus, on the long-awaited replacement for the current, 20-year-old Elise, which will go on sale in 2020.
That means the current car will remain on sale for another four years before it is replaced.
The all-new third-gen model is claimed to stick with its extruded aluminium chassis, says Autocar, which broke the story of the new car -- the same tech that was developed back in 1996 for the Series 1 Elise.
According to an insider, the new car will bear "little to no" relation to the Elise concept shown back in 2010.
Instead, the new car will focus on weight reduction.
The 2010 concept attracted fierce criticism for being significantly heavier than the current car. It was also priced too close to the Porsche Boxster, said its critics.
Speaking to Autocar about the new car Lotus boss, Jean-Marc Gales said: “The Elise chassis has often been copied but never equalled.
“Combine that with the steering feel and you have something truly special. The DNA of that car is its light weight, its steering feel and the balance of power and drive-ability. At every price point it is sold in, it is the fastest car for the money - and always the most special to drive.”
Gales confirmed the new car would "set the benchmark for lightweight cars".
“The benefits of light weight are enormous, from the speed of the car through to the opportunities to make it handle better.”
Internally, it's thought a 900kg target weight has already been set for the 2020 car.
The Elise replacement will also have to be wider to incorporate side airbags and extra crash structures.
The next small Lotus sports car is also likely to stick with Toyota as its main engine supplier following what Gales describes as "impressive warranty data".
According to Gales, Lotus is on track to make a profit for the first time in 20 years next year, thanks to demand for the recently launched Evora 400 plus growing demand for the current Elise and Exige.
Gales told Autocar that demand for the hardcore track-focused 3-Eleven is also said to be "very encouraging".
Lotus' boss says the company is still on track to sell 3000 cars a year by 2020.