Elfin is preparing to unveil a brand new sportscar this coming August, according to the latest reports. The small Australian automaker is known mostly for producing Lotus/Caterham 7-style classic roadsters, with the new model replacing the outgoing Type-3 Clubman kit car and joining the V8-powered MS8 Streamliner (pictured above) in the company's line-up.

The news was revealed by the company's owner Tom Walkinshaw, the Scottish racing driver behind the eponymous Tom Walkinshaw Racing outfit. According to Walkinshaw, the new lightweight sportscar – which has yet to be named – will feature "electrifying performance and go-kart handling" with an atmospheric power-to-weight ratio thanks to a 1500-pound curb weight and 260hp coming out of the turbocharged two-liter four from the Pontiac Soltice GXP. A six-speed manual will round out the package, along with ABS, power steering and traction control. The new vehicle, which will sell for under $60k, is anticipated to be based on a tubular chassis with a composite body that eschews the classic design of the Type 3 in favor of contemporary styling, while still integrating open wheels with cycle-style guards. The new model promises to separate Elfin from the myriad companies churning out Caterham replicas and distinguish the company as a competent sportscar-maker.

[Source: Inside Line]