British automaker Lotus Cars is reportedly finally planning to go electric with a new $2.5 million” 1,000 hp hypercar to be unveiled in the coming months and come to market early during the next decade.

The report comes from Autocar who claims that the vehicle is codenamed ‘Omega’ and they plan for it to compete with supercars like the McLaren P1, LaFerrari and the Bugatti Chiron.

It’s expected to be equipped with impressive features to justify the £2 million-plus ($2.5 million) price.

Autocar reports:

“To back up its price tag, Lotus will need some hefty headline numbers from its new hypercar – 1000bhpplus is touted as one target – alongside some innovative, ground-breaking technology, through not only electric motors but possibly also next-generation battery technology to improve power density and reduce the amount of cells needed. This would help keep the car’s kerb weight within the realms of the “simplify, then add lightness” philosophy embedded by Lotus founder Colin Chapman.”

Lotus had an early involvement in electrification through its manufacturing partnership with Tesla, but it didn’t do much under its own brand since that fell through during the last decade.

Now with Geely taking a majority stake in the company, they are expected to accelerate their efforts to go electric.

The Chinese automotive company has been buying automotive brands left and right like Volvo, London taxi maker LEVC, Lynk&Co, Volvo, and now Lotus.

With an expensive all-electric hypercar, Lotus is going to not only compete with the myriad of gas-powered supercars, but also the likes of RimacKoenigsegg, and Automobili Pininfarina who are all going electric.

Tesla is also moving into the space with the next-gen Roadster, which is touted as having hypercar specs, but it is expected to be offered at a fraction of the price of those previously mentioned hypercars.

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