Currently, the cheapest Lotus you can buy in America is the $96,950 Evora GT. That's out of reach for most people, which is why the company is planning a new entry-level car to slot below it in the lineup. And it'll be the brand's last car powered by an internal combustion engine.

Above, the 2010 Lotus Elise concept.

In an interview with Automotive News Europe, Lotus Phil Popham confirmed the car's existence, saying it will be priced between £55,000 and £100,000 (around $68,000 and $123,000)—well below the Evora's price range.

Popham said the car, which has yet to be named, will take design inspiration from Lotus's $2.5-million Evija EV hypercar, and be built in a new factory extension at the company's existing Hethel facility. It will have enough interior space for daily usage, according to the CEO. It will be revealed sometime between late this year and early 2021.

The new car is part of a plan to boost volume for the small British manufacturer from the current 1600 cars a year to around 5000 a year, with assistance from parent company Geely. Popham said future additions to the lineup could include a sporty sedan or SUV.

"Our focus now is on sports cars, but we do think the brand has the potential to move into other segments," Popham told Automotive News Europe."And Geely has expertise in areas such as electrification and autonomous driving."

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