Unveiled at the 1999 London Motorshow at Earls Court, this special edition Elise commemorates Lotus' "Grand Prix glory and racing history". It's painted in the same red, gold and white colour scheme as the Lotus Type 49 Formula One racing car but was also available with a yellow, white and gold colour combination. It was available with the standard 1.8 or the VVC engine.

Type 49 was introduced in October 1999 and was based on the standard and the 111S models.

Changes to the standard or 111S model:
- Two tone red/white body colour
- Gold painted 111S rims
- Black and Red Alcantara Steering Wheel
- 111S type Black Leather seats with Red Alcantara centres
- Gold Decals
- Standard versions also have headlamp covers and rear wheelarch spats. (111S clams)