Caterham announced today that it is bringing a new model to its lineup in Europe and Japan. The new Seven 340 will be powered by the 2.0-liter Duratec engine for more power and low-end torque.

The new model will replace the Seven 275, which Caterham described as “immensely popular,” so it’s an important one for the brand. The outgoing Seven’s 1.6-liter Ford Sigma engine is out, replaced by the larger-displacement Duratec that makes 170 hp (127 kW/172 PS) and enables a top speed of 130 mph (209 km/h).

That amounts to 25 percent more power than the outgoing engine, more low-end torque, and, as you’d expect, there’s almost no weight to shift around. The Seven 340 weighs in at just over 500 kg (1,102 lbs), which is a power-to-weight ratio designed to thrill without being too aggressive or fatiguing.

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The model comes with Caterham’s new rear LED lights as standard for better visibility on the road. It also comes in the large chassis format as standard, but can additionally be selected with a low floor for taller drivers.

Buyers of the new model will be offered two trim packages, one for the more casual owner, and one for the track driver. The S-Pack comes with a five-speed transmission, a road suspension package, 14-inch classic alloy wheels, black leather seats, as well as a full windshield and side screens.

Buyers looking for a more focused experience, meanwhile, may prefer the R-Pack variant. It is best suited for track work and comes with a limited-slip differential, a sports suspension pack, 15-inch Orcus alloy wheels, four-point road harnesses, a carbon fiber dashboard, and a composite aeroscreen.

Although the configurator is not yet ready for the Seven 340, Caterham promises plenty of ways to make the car unique through its signature section. That includes special paint finishes, alternative dashboards, and extended interior packages.

Prices for the Seven 340S start €45,700 ($45,688 USD at current exchange rates), while the Seven 340R will cost a little more, starting at €47,200 ($47,187 USD). Japanese customers are encouraged to check in with their local dealer for pricing information.