Lotus has unveiled its fastest, priciest production road car to date with its new 3-Eleven model, at the 2015 Goodwood Festival of Speed (see photos).

The 3-Eleven touts an all-new lightweight body with an aluminum chassis and composite bodywork, in addition to a completely open cockpit. Powering the 3-Eleven is a revised version of the brand's 3.5-litre supercharged V6, tuned to produce 450 horsepower and 332 lb-ft of torque, making this car more powerful than the Evora 400 unveiled at the most recent Geneva Auto Show. The V6 channels its power through a six-speed manual transmission with limited slip differential and traction control.

“We always say that to make a sports car better, you make it faster and lighter. The new Lotus 3-Eleven carries that philosophy to a new level, and is perfectly in keeping with our brand values,” said Lotus CEO Jean-Marc Gales at Goodwood.

“This new car is a giant slayer, capable of embarrassing far more expensive rivals.”

The 3-Eleven also features double wishbone suspension in both the front and rear, AP Racing brakes, Lotus-tuned Bosch ABS, Eibach springs, adjustable Öhlins dampers, 18- and 19-inch alloys front and rear respectively riding on Michelin Super Sport or Michelin Cup 2 tires (depending on the model).

In addition to the road car, Lotus is also offering a race variation featuring a more aggressive aero kit, a sequential gearbox and an FIA-approved driver’s seat and six-point harness.

The race version can sprint from 0-60mph (96km/hr) in less than 3.0 seconds. Top speeds are quoted at 174 mph (280 km/hr) for the race version and 180 mph (290 km/hr) for the road car.

Lotus also says the car lapped the company’s test track in Hethel, England in 1 minute 22 seconds – 10 seconds seconds faster than the Evora 400.

Production is slated to begin in February 2016 and will be limited to just 311 vehicles in total. No North American availability has been announced yet, but UK pricing starts at £82,000 (roughly to $160,000 Canadian at current exchange rates) for the road version and £96,000 ($187k CAD) for the race version.