Caterham will release a new, more affordable and entry level version of the iconic Seven that pays tribute to the philosophy that inspired its creation.

The Caterham 7 is a super lightweight sports car produced by Caterham Cars in the U.K. It is based on the Lotus Seven, a lightweight sports car sold in kit and factory built form by Lotus from the late 1950s to the early 1970s.

After Lotus ended production of the Seven, in 1972, Caterham bought the rights to the design, and today makes both kits and fully assembled cars.

Now Caterham is all set to unveil a new car based on the iconic 7 but with an accessible price tag at under