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

Speaking on Autocar’s latest My Week In Cars podcast, released today, Laishley said the EV, due to be unveiled in 2026, falls under a separate firm called Caterham Evo, because “the meagre profits we make from selling Sevens” won’t fund its development. 

He continued: “That [money] will need to come from within the group [Caterham is owned by Japanese automotive sales giant VT Holdings] or external funding. It’s significantly tens of millions above what we would invest in developing new Sevens, for example.”

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.

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.

“We have to move the Seven forward with a new powertrain for the next decade, which we’re planning to do from [Dartford]”, said Laishley. “But where we’re sitting now, there’s no plans to bring Project V into this building.

"It’s a separate thing in its entirety, with four times the volume, more consistency between models. It’s a different animal altogether."