The Europa S features a larger boot (trunk), greater sound-proofing and easier cabin access due to the lower chassis sides and higher roof line.

The Europa S has a dry weight of just 995 kg (2,194 lb) achieved by an extruded and bonded aluminium chassis with composite body panels and front crash structure.

The mid-engine two-seat coupé has a 2.0 L turbocharged GM Z20LER Ecotec straight-4 engine, rated at 147 kW (200 PS; 197 hp) at 5,400 rpm and 272 N⋅m (201 lb⋅ft) of torque.

This, in combination with revised suspension tuning, provides higher levels of both longitudinal and lateral grip and results in improved handling, balance and braking performance, especially in very wet conditions.

These changes, in combination with the revised wheel/tyre equipment, provide a nose down rake and slightly lowered ride height, thus producing the aforementioned driving properties.

The Europa SE comes as standard with the Luxury Touring Pack (optional on the 'S') and features re-styled trim panels in soft, lightweight, high grade leather.

The car was not offered for sale in the United States or Canada as the Opel/Vauxhall-built turbocharger was not certified to meet emissions requirements for those countries.

Reviews of the Europa S were not in line with those for its sister models, the Elise and the Exige, The Sunday Times noted that while introducing a lower-revving engine (a turbocharged General Motors 1998 cc, four-cylinder) creates a more comfortable level of sound, the performance is noticeably different from the higher-revving Toyota engines, and with a heavier body shell, the performance isn't in line with the Elise or Exige.

Presenter Jeremy Clarkson remarked on British motoring show Top Gear, "we won't even play [the review film] because it was such a dreary car."

"[11] During the same session, Evo group tested the Porsche Cayman S, BMW Z4 M and Nissan 350Z GT-S and "couldn't resist" comparing the Lotus to these three decidedly more expensive sport coupés.