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Lotus is a British car manufacturer founded by Colin Chapman in 1952. The company is based in Hethel, England and is known for building lightweight and high-performance sports cars. Lotus's early years were marked by the production of small, nimble sports cars such as the Seven, Elan, and Europa models. In the 1970s, Lotus introduced the Esprit, which was powered by a V8 engine and became the company's flagship model. Lotus is known for its focus on engineering and design excellence, and its cars are known for their handling, performance and agility. The company has a strong motorsports heritage, including Formula One, and many of its road-going models have been inspired by its racing cars. Lotus has had a number of ownership changes over the years, and has faced financial difficulties at times. In recent years, the company has focused on producing a smaller number of high-end, limited-edition models, such as the Evora, Exige, and Elise models. Lotus has also announced plans to develop an electric vehicle, the Evija, which is said to be the most powerful and technologically advanced production car ever built by the brand.