When Caterham showed their vision for a future sports car with the striking Project V, it took a surprising form. In an obvious shift from the famous silhouette of the Seven that the company has been making for 51 years, the concept bears more of a resemblance to the Alpine A110 and Porsche Cayman mid-engined coupés than the kit-car style that we are used to. 

The shape is elegant and purposeful to my eyes; there’s no mistaking the target segment for this car and it leans on classic proportions and a wide track - emphasised by blistered wheel arches at both ends - to say to anyone looking that it is a sports car. The clean, curved surfaces compliment each other fantastically, with the flared arches stretching towards each other, blending seamlessly into the doors.

A large diffuser is hidden in plain sight at the rear, although your eyes may be drawn to the neatly integrated ducktail spoiler and the split oval tail lights first. The Project V looks like no other production Caterham that went before, however there is a strong resemblance to the car the C120 which was supposed to be a twin to the Alpine A110, but that’s a story for another time.

There is another departure from the brand’s norm to be found underneath the bodywork, and that is the carbon fibre/aluminium composite chassis, which houses a pair of bespoke batteries. For the production version, these will be supplied by Taiwanese manufacturer XING, whose CEO Royce YC Hong is a Caterham Seven owner. The cells are immersed in coolant, allowing for precise and consistent temperature management - critical for prolonged spirited drives and rapid charging.

Power from the batteries will be fed to a rear-mounted motor supplied by Yamaha. In concept form, the motor is good for 268bhp, can deliver 62mph from rest in under 4.5-seconds, and a top speed of 143mph. With the new powertrain partner onboard the output may change slightly, but Caterham is more focussed on another performance-affecting aspect.

The target kerb weight has been set at 1,190 kg and you don’t need me to tell you that the Project V will be more than twice as heavy as a Seven. But as I’m now in the business of stating the obvious, I'd like to remind you that a cockerel is heavier than a cockroach, despite sharing the first four letters of its name with the six-legged parasite, which isn’t a surprise as they are two completely different creatures. The battery with its capacity of 55 kWh is just over half the size of what is found in the Rimac Nevera R, but a smaller battery means a lighter and more efficient car overall, putting a range of 250 miles on the cards. This also brings the benefit of short charging times, with 20-80% projected to take 15 minutes with a 150 kW input.

There are three driving modes to choose from - Normal, Sport and Sprint - with each one adjusting how the motor and electric power steering respond. The concept has clearly been designed with chassis finesse rather than outright power providing the thrills, as double wishbone suspension features on both axles, with a staggered wheel size of 19” and 20” front to rear. Michelin Pilot Sport 4S tyres provide the grip on the Project V show car, which are a hint towards all-weather on-road usability, rather than suggesting that the car should be a fair-weather track toy.

Indeed, a usability focus has been placed on the cabin which offers three or four seats in a 2+1 or 2+2 arrangement, two digital instrument dials, touchscreen infotainment with smartphone mirroring and six toggle switches which appear to be shared with the Seven. The interior design of the concept is minimalist and open, with big windows and light materials adding to the sense of space. Alcantara is found on the dashboard and the carbon fibre seats of the show car, with perforations that look like Mercedes-Benz stars when viewed from the right angle.

I knew that the Project V was more than just a show car when it was revealed in 2023, and with the news of Yamaha joining the programme to develop a new powertrain, and XING to supply the batteries, it appears that the car has indirectly been confirmed for production. Caterham said: “The collaboration with Yamaha will not only deliver a powertrain to match the expectations of what an all-new Caterham should be, but confidently accelerate the delivery of Project V to the market.”

That sounds pretty nailed on to me. With the first prototype set to be complete in mid 2025, I estimate that we’ll see a production ready version of the Project V in 2026, ahead of market introduction in 2027. While the silent sports car market is yet to mature, it is set to grow rapidly with the electric Alpine A110, Lotus Type 135 and Porsche Boxster all set to launch in the next three years - and that’s before MG decide whether to put the gorgeous Cyber GTS Concept into production. In fact, there may even be an in-house option as Caterham presented the battery-powered EV Seven just days after announcing the Project V.

The Project V could be seen as a hedging of bets or future proofing the business case of the brand. Perhaps it’s a bit of both, as the car is supposed to exist alongside the Seven rather than instead of it, while also expanding the reach and appeal of the Caterham marque. The sports cars that we see in everyday traffic are the ones that have ring road usability to match their B-road capability. The yet to mature electric sports car market will be defined and shaped by the best of the first batch of cars to enter it. If it drives as good as it looks, the benchmark for the segment may well look like the Project V.