Caterham has revealed that it will start a new affordable, standalone engineering business dubbed Caterham Technology and Innovation Limited (CTI).
CTI’s new venture will produce “accessible and affordable sports cars inspired by the lightweight, minimalist philosophy of the Seven,” according to the firm, drawing on its technologies and materials from the group’s Team Lotus Formula One and Caterham Team AirAsia GP2 motorsport operations.
The new sub-brand will also work with other businesses in automotive and aerospace sectors.
CTI chief executive Mark Edwards said: "The new shareholders are committed to investing in an exciting range of global products over the next 10 years".
“By establishing unique operating principles for CTI, we have managed to attract a world-class team of niche vehicle engineers, eager to build on the ethos of Caterham and the DNA of the Seven,” Edwards added.
Tony Shute – responsible for bringing the Series 1 Lotus Elise to market – joins CTI as head of road cars.
“When the opportunity to be involved with creating the next iconic Caterham arose, I couldn't turn it down,” said Shute.
"The core principles and ambitions of CTI have enabled us to attract some of the brightest and most respected talents in their fields.”
Chief executive of Caterham Cars Ansar Ali added, “Creating a new product range that has the same reputation and appeal as the Seven, which delivers on the promise of accessibility and affordability, is the Holy Grail in this business. To meet the challenge, we knew we needed to invest in a new operation that would have the scope, experience and vision to deliver.”