Rumors were circulated that it was the initial design for the MKI MR2, but, though sharing an engine, it bears very little resemblance to the mid-engine roadster.
[1] In 1981, Oliver Winterbottom was brought back to Lotus, after a stint developing the Tasmin for TVR, to design a new car to complement the Excel and the Esprit and bring some profitability to the lineup.
The new car was to resurrect the Elan name which had not been used since 1975 and, like the Excel, make use of the company's close relationship with Toyota to use already well-engineered suspension and engine components.
David Wickens of British Car Auctions ended up taking a controlling interest in the company, and the project was started up again, but renamed to the X100 (the Elan later being known as the M100).
The top is removed separately and fits in the boot, to create a 'targa' style roof, and the rear portion folds down like a typical convertible.