Lotus is planning to transform its image over the next five years, from the manufacturer of lightweight sports cars like the Elise to an upmarket specialist in bespoke models to rival the likes of Aston Martin and Ferrari. And as part of the process, the old model names of Elan and Elite will be resurrected.

Set for launch in late 2013, the Elan will feature a Toyota-sourced 4.0-litre V6 engine with approximately 450bhp on tap. The new Elite – a 5.0-litre V8 powered 2+2 – should arrive early the following year. The pair will be joined by three other Lotus models, including an all-new Elise, a four-door ‘super-saloon’ (known as the Eterne) and even a Lotus city car to rival the new Aston Martin Cygnet.

Internet forums are already bursting with comments about Lotus’ plans to move upmarket, with many enthusiasts suggesting it’s a step too far – and that the build quality of a Lotus will need to dramatically improve in order to rival any Ferrari. But one thing’s for sure: you can’t knock the Norfolk firm when it comes to ambition. We’ll be watching progress with interest…