"To lose the election" means that a candidate or political party did not receive enough votes or support to win and be chosen as the winner. Full definition
It would ask members to accept that Labour lost the election because people didn't rate its competence or trust its instincts, especially on the economy, welfare and immigration. (labour-uncut.co.uk)
Climate change has won and lost elections in the past, and there's a distinct chill in the air this time around. (theconversation.com)
If a politician should lose elections for telling the truth, I believe the conscience of such an individual would be clear. (ghanapoliticsonline.com)