Lotus is about to return with a big bang, as the company is reportedly working on a top secret $2.5 million electric hypercar.

Autocar reports that the project is codenamed ‘Omega’ and that development is well under way, with Lotus planning to reveal a concept model next year.

The new electric Lotus hypecar will reportedly be powered by a bespoke all-electric powertrain when it arrives in the market early in the next decade.

Geely, the new owners of Lotus, is keen on turning the British car maker into their halo brand for technology and performance. The Chinese group also owns Volvo, Polestar, Lynk&Co, the London EV Company (formerly known as London Taxi Company), Proton and more.

The target for the Lotus ‘Omega’ is to offer over 1000hp from its electric powertrain, which could feature a next-gen battery pack with improved power density in order to keep kerb weight in check. This is Lotus after all.

All-wheel drive through the use of multiple electric motors is a given, in order for the new hypercar to harness its colossal horsepower and torque figures while driving range should be over 250 miles.

If the report for the new Lotus hypercar turns out to be true, the upcoming ‘Omega’ will easily become the most extreme Lotus of all time, going after traditional hypercars from companies like Bugatti, Koenigsegg and of course Rimac.

2010 Lotus Esprit Concept pictured