One problem related to engine burning oil has been reported for the 2007 Lotus Elise. The most recently reported issues are listed below. Please also check out the statistics and reliability analysis of the 2007 Lotus Elise based on all problems reported for the 2007 Elise.
I was on the freeway driving at freeway speeds in the #1 lane when I smelled burning oil. I hadn't noticed the car performing differently so I looked ahead to the forward cars for the 'gross polluter' causing the smell. I didn't see anyone with my first forward inspection. I then immediately noticed the oil light lit on the dash. At the same instant I looked out of the side mirror and saw smoke pouring from my car. (this happened very quickly and I may have noticed the rear smoke before the oil light. ) I quickly put the car into neutral, drifted through 3 lanes of traffic to the next exit which was within 1000 or so feet. I drifted off the exit onto the main street and into the gas station on the corner. My wife came soon after and noticed the large oil spill on the freeway road surface where it occurred. When I went to inspect the car when I stopped at the gas station I saw several oil puddle forming in the rear on the ground (in the middle and on the passenger side), the rear of the car was covered in oil, the passenger rear wheel was covered in oil including the braking system on that side, oil was dripping from the bottom of the car onto the ground, and smoke was pouring from the engine bay. When I opened the engine bay it was smoking and covered with oil. I was a little concerned that it could catch fire, however it didn't. I called a tow truck and towed it to my mechanic. After the event I was wondering about the cars behind me on the freeway and what it was like for them following me after my car released 10 quarts of oil onto the freeway and onto their windshields. I later found out that the oil line coupling had failed in the rear. This was the second time that this occurred to me with this car.