It was sold by Vauxhall as the VX220 in the United Kingdom and shared much in common with the Lotus Elise, although Opel claimed few parts were interchangeable.

Due to changes in European crash safety regulations for the 2000 model year, Lotus needed to replace the original Elise.

In October 1999, a deal was made between Lotus and General Motors in order for the former to gain sufficient funds to develop a new Elise.

[4] The Speedster utilized an aluminium frame that weighed only 72 kg (159 lb), and bodywork made entirely of fibreglass.

The Vauxhall VXR220 was equipped with larger brakes, upgraded tyres and lowered suspension, and tuned to produce 220 hp (223 PS; 164 kW).

Related to the production Opel Speedster, it is a two-door coupe with two seats, gullwing doors, and no wing mirrors.