Now that Lotus has completed work on its upscale Europa and the new entry-level Elise S, the company has set its sights on the launch of yet another Elise/Exige variant, the much-anticipated Lotus "circuit car."

The prototype circuit car debuted in 2005, and now that Lotus has cleared the decks for completing its development, the production version should see the light of day in early 2007.

Just to refresh your memory, the track car uses a variant of the supercharged 1.8-liter Toyota engine found in the Exige S, but in a considerably lighter (read, quicker) package. According to Autocar, Lotus intend to make the first versions of the new model fully road-legal, and the company is considering exporting the car to the U.S.

[Source: Autocar]