Lotus hasn't built a new car since the Evora launched way back in 2008. Thanks to Geely's financial backing, that's soon about to change. We already know the British automaker is working on replacements for the Elise and Evora. Back in July, Lotus also lifted the wraps off the 1,972-hp Evija hypercar, which is being billed as the most powerful production car ever.

But with a cost of $2.2 million, the Evija is out of most people's price range. On the other side of the spectrum, Autocar reports that Lotus will continue to expand its model range with a new affordable sports car that will rival the Porsche 718 Boxster and bring back a classic model name.

According to Autocar, Lotus is planning to build a new drop-top sports car that could revive the Elan name. If it gets the green light, this will be the first time Lotus has used the Elan name since the last model ended production in 1995. Details are scarce at this point, but Lotus insiders are "very excited" about the car's proposed configuration, which is positioned above the Elise as a two-seat convertible with more refinement, space and comfort. Being a Lotus, it is also expected to be lighter than its rivals and boast best-in-class handling.

If approved, the new Elan will from part of a new sports car range that will ride on an all-new, rivet-bonded platform replacing the two existing platforms that underpin the Elise, Exige, and Evora.

The new platform is expected to be ready in two years to underpin a new generation of Lotus sports cars, which could also revive other retired Lotus nameplates such as the Elite, Europa, and Esprit. Before then, Lotus will launch a new sports car based on the current platform that will be more practical than the current Evora. As part of its new product onslaught, Lotus will also launch its first-ever SUV, which should help boost profits significantly.

This isn't the first time Lotus has attempted to revive the Elan either, as a Lotus Elan Concept car was unveiled at the 2010 Paris Motor Show packing a 4.0-liter V6 engine. It was planned for production in 2013 but was ultimately cancelled.