Caterham had previously been tight-lipped about the car's development following the October 2024 annoucement that it would use an electric motor supplied by Yamaha.
The British company said in December 2025 that it was evaluating the EV's motor and battery performance, as well as the durability of its chassis.
“This next step enables us to complete a comprehensive vehicle testing programme,†said CEO Kazuho Takahashi.
Takahasi – who is also president and founder of Japanese firm VT Holdings, which acquired Caterham in 2021 – assumed control last month after Bob Laishley stepped down.
The Project V was first shown in concept form at the 2023 Goodwood Festival of Speed. It was originally earmarked for a market launch this year.
The new video shows the prototype is largely similar to the concept unveiled three years ago. Key changes include a swap from polygonal rear lights to four round items – reminiscent of those on the Ferrari F355 – and a swap from a bespoke steering wheel with an airbag to an off-the-shelf Momo part without one.
It remains to be seen whether the latter part will be retained for the production car.
The testing prototype also has four seats, rather than the three of the concept.
Caterham said the Project V will have 268bhp, weigh 1430kg and dispatch the 0-62mph dash in less than 5.0sec. It had originally targeted a mass of 1190kg and a 0-62mph time of less than 4.5sec.
It's also aiming to achieve an official range of 249 miles and a 20-80% charging time of 20 minutes.
