Caterham Project V Enters Next Phase With First Running Prototype

While many carmakers are scaling back or slowing their EV plans, Caterham is moving in the opposite direction. Project V, the company’s electric sports coupe first shown in 2023, is now entering its next phase. Caterham will reveal the first fully functional prototype at the Tokyo Auto Salon next month.

This is not a static showpiece. The prototype is already being used for real testing as Caterham works toward the final production model. The company hasn’t given a new timeline, but it’s clear the original target of late 2025 or early 2026 is no longer realistic.

A few important details surfaced over the past year. In October 2024, Caterham confirmed that Project V will use a Yamaha-built e-axle with an output of about 268 hp, the same setup Yamaha once showcased in Subaru’s STI E-RA concept.

Then in December, the brand announced it would use immersion-cooled battery packs from Xing Mobility. These packs have a high energy density thanks to their cell-to-pack design, which should help the car stay lighter and go farther between charges.

Next steps include more powertrain development, deeper testing of the Xing battery system, and a round of durability work on the chassis. Based on everything shown so far, the production version seems likely to stay close to the clean and simple look of the original concept.

Caterham also confirmed that Project V will make its U.S. debut at CES 2026 in Las Vegas. It’s expected to be the same white show car displayed last year in Munich.

The company is also adjusting internally. Former CEO Bob Laishley stepped down after four years, and Kazuho Takahasi, who also leads parent company VT Holdings, has taken his place. In discussing the prototype’s debut, Takahasi called this stage an important milestone and said the goal remains the same: creating an electric sports car that still feels like a Caterham behind the wheel.