TVR will build its new 170mph sports car in Wales.
Around 150 quality assembly and engineering jobs will be created in the £30 Million investment in the Ebbw Vale Enterprise Zone over the next five years.
Advance orders for the unnamed new car exceed 350 which will take it to the end of its first year in production by 2018, and four new models are in the pipeline over ten years as it reaches a peak of 2,000 cars annually by 2022.
TVR has been steered towards the Ebbw Vale Enterprise Zone because of plans for the forthcoming Circuit of Wales on adjacent land and the carmaker’s desire to have a road-test facility for development and customer hand-overs.
But TVR has not yet decided precisely where in the zone it wants to have a factory and this is seen as a way of protecting its plans if the Circuit of Wales is not entirely finished in time.
The TVR deal with Welsh Government was agreed last Friday but the official announcement will be made this morning by First Minister Carwyn Jones.
The news today comes a month after Aston Martin said it will build its next global supercar at St Athan between Llantwit Major and Barry from 2019.
In 2017, TVR will celebrate 70 years of the marque, which was founded in Blackpool where it made their front engined and rear wheel drive cars until 2004 and it’s expected to symbolically restart production in Wales after 13 years stoppage.
The new models will use Gordon Murray’s revolutionary i-stream production system needing fewer assembly workers but is highly adaptable and less expensive than traditional methods. It will still, however, mean scores of jobs in assembly and secure more in the supply chain.
TVR says it has plans for a range of new models after the forthcoming 170mph 5.0V8 rear wheel drive car, including a possible hybrid or all-electric supercar gunning for Tesla.
The First Minister said this is a fantastic high profile investment by an iconic world-class brand which would carry the label Made in Wales.
TVR chairman Les Edgar said, “South Wales is becoming a major hub for automotive and motorsport technology and is a serious opportunity for business development and job creation.”
Tim Williams of the Welsh Automotive Forum added, “The Welsh automotive forum is delighted TVR is coming to Wales and we are looking forward to working with them on supply chain opportunities.”