After signing a deal with the Welsh government, TVR has announced that its new production facility will be set up in the Ebbw Vale Enterprise Zone, in South Wales, with construction to start in April.
The precise location of the factory has yet to be determined, as TVR is looking at several options, but the outcome will be the subject of a separate announcement, over the next few weeks.
"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", said Chairman of TVR, Les Edgar.
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. [The] 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 British sports carmaker's first project was initially announced in early 2015. The company has already started taking orders for the unnamed sports car, and claims to have secured in excess of 350 deposits for the launch edition.
TVR is keeping most details close to its chest, but has revealed that Gordon Murray designed its chassis and body and that it will come with "F1 inspired, ground-effect technology", while also being the first production car to be built using the iStream assembly process. A V8 engine tuned by Cosworth is expected to power the new model.