An Electric Dream in a Time of Reassessment
Since the presentation of the fully electric Project V concept in July 2023, much has changed. The idea of zero-emission sports cars no longer sounds as appealing as before, and many manufacturers are reviewing and postponing their electrification plans. However, Caterham is not among those who retreat.
The British company is preparing to present the first working prototype of its electric coupe at the Tokyo Auto Salon next month. This step indicates continued investment in the project, the potential of which the company considers long-term.
Development Status and New Timelines
According to the latest information, this first prototype is being used for testing and evaluation as Caterham moves towards full-scale production. The company has not yet defined a new launch window, but it is clear that the previously announced timeline of late 2025 or early 2026 is no longer relevant.
Technical Details: From Yamaha to Xing Mobility
The last major update to the technical part occurred in October 2024, when Caterham confirmed that Project V would use an e-axle supplied by Yamaha. The concept initially promised 268 hp from a single electric motor—the same configuration Yamaha previously used on the 2022 Subaru STI E-RA concept. This figure appears to remain unchanged.
Several months later, in December 2024, Caterham shared another technical development: the car would use immersion-cooled battery packs from supplier Xing Mobility. These units, which use a CTP (cell-to-pack) architecture, are reported to provide an energy density of 200 Wh/kg, surpassing traditional liquid alternatives. In practice, this likely means greater range and less weight.
Next Steps and Public Events
The company’s next steps include continuing the evaluation of the electric powertrain, additional testing of the Xing battery system, and a series of chassis durability assessments. All of this will help shape the final production model, which appears to largely inherit the features of the original design concept.
In addition to the running prototype, whose debut is scheduled for January 9, Caterham also confirmed that a show car will debut in the USA at CES 2026 in Las Vegas on January 6. This will likely be the same white car displayed at the IAA Mobility Show in Munich last September.
The presence of both cars on the show circuit simultaneously suggests that the exterior and interior of the Project V in the next stage of development will remain virtually unchanged.
Leadership Changes
In addition to car news, Caterham announced last month that Bob Laishley stepped down as CEO after four years at the helm. Laishley, a former Nissan executive, handed over duties to Kazuho Takahashi, who is also the president and founder of parent company VT Holdings.
Commenting on the prototype debut, Takahashi stated:
This is an important milestone in the development of Project V, our prototype debuts publicly at the Tokyo Auto Salon. This next step allows us to begin a comprehensive vehicle testing program in collaboration with our technical partners. Our goal remains unchanged: to realize our vision of a pure electric sports car that embodies the indomitable DNA of Caterham.
Caterham’s decision to continue developing Project V at a time when the electric sports car market faces pessimism speaks to the brand’s long-term strategy. A focus on light, neat technologies such as immersion battery cooling could be key to creating an electric car that retains the driving feel inherent in the company’s classic models. The success of this project could redefine the place of small manufacturers in the future of electromobility, where weight, balance, and efficiency become more important than absolute power.