Lotus has revealed a first glimpse at its new Elite model which will make its debut at the Paris Motor Show next week.

The new model marks the brand’s intention to compete with rivals like Ferrari.

There will be a retractable hard top version and the optional use of hybrid technology with KERS (kinetic energy recovery systems).

Dany Bahar, chief executive officer of Group Lotus, said: “Make no mistake, there’s a definite market requirement for the Elite.

“There will always be those who believe that Lotus should stick to small sports cars but we didn’t take the decision to design something like the Elite lightly, it’s based on months of careful research and planning. It’s worth noting this sector has been very successful for us in the past and now the Elite raises the benchmark higher still.”

Pricing for the Elite is expected to be around £115,000 when it goes on sale in production form in spring 2014. It will feature a front-mid positioned 5.0-litre V8 engine delivering up to 618bhp with an expected 0-62mph time of 3.5 seconds.