Buying a car company, especially a small one is not that hard, provided you have the cash of course. Building new models from the ground up is a much more demanding endeavor.

In the case of Caterham, which has been relying solely on the Seven (the 1994 “21” was essentially a rebodied and stiffer Seven), it’s a task that’s practically been undertaken for the first time.

Launching Caterham Technology and Innovation, a standalone engineering company responsible for developing new models, was proof that new owner Tony Fernandes was serious about expanding Caterham’s range.

Ansar Ali, Caterham’s CEO, revealed to CAR magazine that his company is currently engineering a brand-new sports car that will be a clean-sheet design.

“We’re starting from scratch in terms of platform technology and powertrain”, said Ali. “We’re not trying to take the Seven and make it slightly bigger, slightly higher and slightly wider”. No chances of a new 21, then.

Despite not sharing anything with the Seven, which will not be discontinued, the new Caterham will retain the open-wheel car’s core characteristics.

“Caterhams are designed for the driver”, explained Ali. “They are light, very engaging, and what I would call affordable pricing. They are a real experience to drive –which is what the Seven is all about- and there’s a lot of drama, which we want to be replicated in any future product.”

The new model will go on sale in 2015 and be available in three variants: a coupe, a convertible, plus a third one which Ali wouldn’t disclose. There will also be a racing version. The Seven is powered by Ford engines which may supply units for the new car as well, although Ali did not rule out other suppliers.

Caterham’s new sports car will be available in the brand’s two core markets, Europe and Japan, as well as China, raising the carmaker’s annual production from 500 to 2,500 units.

Americans will miss out on the new Caterham. Despite launching a one-make race series with the SP/300R in 2013, the U.S. does not feature on the company’s plans for launching new models.

A racing version will certainly be built, though: “It has to be”, says Ali, “otherwise it wouldn’t be a Caterham”; so don’t rule out on it coming Stateside, even if it will be restricted to track use only.