Home >TVR to invest in South Wales plant
TVR to invest in South Wales plant
30 March 2016
Resurgent British sports car maker, TVR, has announced its new production facility will be located in the Ebbw Vale Enterprise Zone in South Wales.
The Welsh Government will also invest in the car maker, further enhancing this exciting manufacturing project which represents over £30 million of capital expenditure over the next five years.
With uncertainty mounting over Tata Steel's UK operations, the deal represents good news for UK manufacturing and for South Wales.
The contracts to locate the new TVR factory in Wales were signed on the 18th March and the deal was officially announced by Rt. Hon Carwyn Jones, the First Minister of Wales, during a press conference this morning. Currently, TVR is looking at several specific options for the precise location of the factory, the outcome of which will be the subject of a separate announcement in the coming weeks.
Les Edgar, Chairman of TVR said: “This is a fantastic opportunity both for TVR and the Welsh Government. South Wales is becoming a major hub for automotive and motorsport technology and development and the area is a serious opportunity for business development and job creation. We have a sports car project that has garnered global approval and excitement, and we are delighted that the Welsh government wish to become a part of an exciting new era for TVR.”
The First Minister said: “This is yet another fantastic high profile investment for Wales and a great boost for our automotive sector. TVR is another iconic and much loved, world-class brand that still commands a strong and loyal international following. I am delighted the next generation of TVRs will proudly bear the label Made in Wales.”
“Today’s news follows hot on the heels of the Aston Martin announcement and sends out a strong, clear message that Wales is the location of choice for advanced manufacturing. It also illustrates that our pro-business approach is delivering results, attracting significant investment and creating high quality jobs and it is another huge boost for Wales, for our automotive sector and for our skilled workforce.”
The new TVR project, which was announced in early 2015, has already secured in excess of 350 deposits for the fantastic new launch edition car, which features innovative design and styling that maintains the distinctive TVR DNA, but also includes F1 inspired, ground-effect technology. The chassis and body has been designed by Gordon Murray of Gordon Murray Design Ltd. and will be the first production car to be manufactured using their revolutionary iStream assembly process. Power is provided by a Cosworth tuned and enhanced V8 engine. The Welsh factory will be busy fulfilling orders that already run through to the end of 2018.