Caterham Cars has disclosed the details of its standalone engineering business Caterham Technology and Innovation Limited (CTI). This is the company’s first announcement since its takeover in April.
The company will oversee the development of a completely new range of affordable and accessible sports vehicles inspired by the Seven's minimalist, lightweight philosophy and drawing on the innovations and materials from the Group’s Team Lotus Formula One and Caterham Team AirAsia GP2 motorsport operations. Caterham Cars is the maker of the legendary Seven.
On top of the next generation of Caterhams, CTI will carry out advanced projects for external companies operating in the aerospace and automotive sectors. CTI Chief Executive Mark Edwards stated that the new shareholders are dedicated to investing in a lineup of world-class products in the next 10 years.
He added that Tony Fernandes has been very clear from the very beginning that Caterham required a sustainable research and development business model to meet the plans that the management has for the road vehicle business.
He further stated that by establishing unique operating principles for CTI, they have managed to attract a global team of niche vehicle engineers who are enthusiastic to build on the ethos of Caterham and the DNA of the Seven.
Tony Shute will be among the first in a series of esteemed industry personalities to join the new operation. He will serve as Head of Road Cars for the new business. As an avid motorsport competitor in his own right, he takes the credit for bringing the groundbreaking Series 1 Lotus Elise to market.