The Lotus Type 14 was developed by Colin Chapman, utilising the suspension from the Lotus Twelve Formula Two car (1957). Power came from the Coventry-Climax FWE 1216cc sohc engine. A fibreglass body was designed by Peter Kirwan-Taylor with assistance from John Frayling and aerodynamicist Frank Costin , this was a chassisless unitary construction with components bolted directly to it. The prototype was launched at Earls Court in 1957 as the Lotus Elite. Only coupe Elites were built as the roof panel was a stressed member. Intended as the first Lotus road car, the Elite design was much closer to that of a racer, and was compromised as a practical and comfortable road car. Production was expensive and the FWE engine was costly because it was largely hand built. Early Elite bodies were built by a local boat-building company, but after quality concerns a contract was signed with the Bristol Aircraft Company for 1959 and 1960 but Lotus could not get cost reductions on this component. In all 1000 Lotus Elites were built until 1963, and it has been claimed that Lotus lost 100 GBP on every car, although this figure might simply be 'creative accounting' to cover other financial matters.