Caterham Project V sports car to get funding boost from investors

Caterham has created a separate company, funded by investors, to finance its Project V electric coupé, CEO Bob Laishley has revealed.

Speaking to Move Electric's sister title Autocar, Laishley said the EV, due to be unveiled in 2026, falls under a separate firm called Caterham Evo, because the profits the firm was making from selling the Seven sports car would not fund its development.

He said the money will need to come from within the firm that owns Caterham, this being Japanese automotive sales giant VT Holdings, or external funding. 

Laishley also revealed that the money required to develop the Project V is "tens of millions" above what the firm would invest in developing new Sevens.

Laishley added that development of Project V is “progressing”, that “the project is moving forward and the next phase will be some prototypes” and “it will emerge at some point”.

He had already confirmed that the car wouldn't be built at Caterham's new £5 million facility in Dartford, Kent.

The Project V has been built around a bespoke and all-new lightweight architecture, and is described more as a “small tourer” than an corner-hungry track car like its minimalist sibling, the Seven.

It will arrive with a targeted real-world range of 249 miles, as well as enough luggage space for a couple of suitcases and a basic touchscreen infotainment with Apple CarPlay connectivity. This means that we could have a new rival to the Alpine A110 and Mazda MX-5 on our hands.

In terms of performance, it uses a single permanent magnet synchronous motor delivers 268bhp to the rear wheels and is good for a claimed 0-62mph time of less than 4.5sec and a top speed of 143mph. These figures point to the fact that it has been billed as a usable sports coupé, rather than a hardcore track toy.

Meanwhile, development of the Seven is continuing. Ford stopped making its 1.6-litre Sigma engines in 2021 and has now also finished with its 2.0-litre Duratec engine, and although Caterham has a plentiful stock, it’s seeking a new engine partner and already has a shortlist of interested manufacturers.