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© Caterham
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© Caterham
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© Caterham
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© Caterham
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© Caterham
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© Caterham
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© Haymarket Media
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© Haymarket Media
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© Haymarket Media
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© Haymarket Media
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Caterham has created a separate company, funded by investors, to finance its Project V electric coupé, CEO Bob Laishley has revealed.
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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.
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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.
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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.
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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”.
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He had already confirmed that the car wouldn't be built at Caterham's new £5 million facility in Dartford, Kent.
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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.
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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.
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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.
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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.