The pre-hybrid Lister was a pretty good car, IMO. The major letdown was the Chevy engine, which was way down on power compared to the opposition. Despite this, the car was reasonably competitive in the 2003 Le Mans 1000km, and I seem to remember it wasn't too shabby in the following year's Silverstone 1000km.
The engine was most definitely the weak link - I read on DSC at the time that it was only making 530 bhp - probably some 60-70 down on the Judd powered opposition, and the deficit to the Audi was probably even more.
The hybrid version of the car was absolutely awful though. Andy Thorby had no input on the hybrid as far as I'm aware. The aero on it never really worked at all - the downforce was there but too much drag. Every time the car appeared it seemed to have a different front end, it seems that Laurence Pearce was desperately seeking a way to make it competitive.
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