Niche British vehicle manufacturer Caterham Cars has established a new standalone engineering company that plans to produce a range of affordable sports cars.

Caterham Technology and Innovation (CTI) will be responsible for the development of the completely new line of accessible sports cars that will be inspired by the same lightweight and minimalist philosophies that drive the famous Caterham Seven.

CTI will draw on the advanced technologies and materials developed by the group’s Team Lotus Formula One and Caterham Team AirAsia GP2 motorsport operations.

CTI CEO, Mark Edwards, said the new company boasted a world-class team of vehicle engineers committed to building on the Caterham ethos.

“The new shareholders are committed to investing in an exciting range of global products over the next 10 years,” Mr Edwards said.

“Tony Fernandes [the owner of Caterham Cars] has been very clear from the start that Caterham needed a sustainable research and development business model in order to meet the plans the management have for the road car business.”

Among the engineers will be Tony Shute, the man responsible for bringing the Series 1 Lotus Elise to life.

Caterham Cars CEO, Ansar Ali, said creating a new product range with the same reputation and appeal as the Seven was considered the “Holy Grail” for the new 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.

“I feel very confident that our customers will be very pleased with the products I have challenged CTI to deliver, in addition to supporting the Seven and I look forward to revealing our plans in more detail soon.”