Caterham’s Project V Electric Coupé Receives Separate Funding
Caterham, the British sports car manufacturer, has announced that it has created a separate company called Caterham Evo to finance the development of its upcoming electric coupé, Project V. The CEO of Caterham, Bob Laishley, explained that the profits from selling their existing models, such as the Sevens, would not be sufficient to fund the development of the electric vehicle. Therefore, the company sought external funding and decided to establish Caterham Evo to oversee the project.
Laishley revealed in an interview on Autocar’s My Week In Cars podcast that the development of Project V is progressing well. He mentioned that the next phase of the project will involve building prototypes and that the vehicle will be unveiled in 2026. However, he clarified that the electric coupé will not be produced at Caterham’s new facility in Dartford, Kent, which cost £5 million to build.
Separate Development for the Seven
While the focus is on Project V, Caterham is also continuing to develop its iconic sports car, the Seven. The company has been using Ford’s 1.6-litre Sigma engines, but Ford ceased production of these engines in 2021. Furthermore, Ford has also stopped producing its 2.0-litre Duratec engine, which Caterham has been using as well. Although Caterham still has a stock of these engines, it is actively seeking a new engine partner and has already shortlisted a few interested manufacturers.
Laishley emphasized the importance of equipping the Seven with a new powertrain for the next decade. He stated that the plan is to develop and produce the next generation of the Seven at the Dartford facility. However, he made it clear that Project V is a completely separate endeavor, with four times the production volume and greater consistency between models. It is a different type of vehicle altogether, offering a distinct driving experience compared to the Seven.
Insights and Analysis
Caterham’s decision to establish a separate company, Caterham Evo, to fund the development of Project V showcases the company’s commitment to entering the electric vehicle market. By seeking external funding, Caterham is ensuring that the project receives the necessary resources and attention to succeed. This move also highlights the financial realities of developing electric vehicles, as the profits from the sale of traditional combustion engine cars may not be sufficient to cover the costs.
The development of Project V is progressing well, with the next phase involving the creation of prototypes. This indicates that Caterham is making steady progress towards its goal of unveiling the electric coupé in 2026. By providing updates on the project’s status, Caterham is building anticipation and generating interest among potential customers.
Furthermore, Caterham’s decision to keep the development of Project V separate from the production of the Seven demonstrates their strategic approach to expanding their product lineup. By treating Project V as a distinct entity, Caterham can focus on creating a vehicle that offers a different driving experience and meets the unique demands of electric car enthusiasts. This approach allows Caterham to cater to a wider range of customers and positions them as an innovative player in the electric vehicle market.
In conclusion, Caterham’s creation of Caterham Evo and the progress made in developing Project V indicate the company’s commitment to entering the electric vehicle market. By securing external funding and treating the project as a separate endeavor, Caterham is positioning itself for success in the evolving automotive industry. As the company continues to develop the Seven and seeks a new engine partner, it is clear that Caterham is dedicated to embracing new technologies and meeting the changing demands of car enthusiasts.