The original Exige was launched in 2000 with a naturally aspirated 1.8 L Rover K SeriesInline-four engine in VHPD (Very High Performance Derivative) tune. It is rated at 177 hp (132 kW; 179 PS) at 7,800 rpm in standard form.[2] There was also a "track spec" version with 190 hp (142 kW; 193 PS) available. The car has a five-speed manual gearbox, and a claimed top speed of 219 km/h (136 mph). 0–97 km/h (60 mph) was achieved in 4.7 seconds and 0–100 km/h (62 mph) in 4.9 seconds.[2]

The first generation Exige bodywork was based on that of the Series 1 Elise, which was produced from 1996-2000, although the Elise was updated soon after the introduction of the Exige. The Exige added a non-removable hardtop, "fastback", kamm-tail style rear bodywork with a tinted transparent engine cover and a pylon-mounted rear wing. Front air intakes (blanked on the road cars) and a front splitter were added. Both front and rear bodywork clamshells were widened to accept a wider wheel track. The Series 1 was built until 2001. 604 examples in total were made and the car was not replaced until the Series 2 of 2004