The Welsh government now owns three percent of the automaker
The Welsh government has investing £500,000 ($690,000) to TVR, acquiring a three-percent stake in the British automaker. The government is also sending a £2 million loan to the company and purchased the Ebbw Vale production facility where TVR plan to produce its current and future models, including the recently launched Griffith sports coupé.
The investment deal between TVR and the Welsh government isn’t actually a new development
The investment deal between TVR and the Welsh government isn’t actually a new development. In fact, TVR boss confirmed to Autocar that the government’s investment actually happened back in March 2016. Predictably, politics played a role in the delayed announcement. The Welsh Conservative party (the opposition to Wales’ leading Labour party) was identified as being the cause of delay, primarily because it wanted assurances that public money would be protected in the deal with TVR.
With that wrinkle already sorted out, the deal is now being made public, opening the door for TVR to proceed with the development of the 500-horsepower Griffith at the Ebbw Vale factory that the government purchased for an undisclosed amount last month.
With the investment, loan, and new facility in place, TVR plans to turn its attention to building the first pilot prototypes of the Griffith sports car
While it’s not unusual for a national government to control stake in an automaker — the U.S. government actually owned a significant part of General Motors after the automaker filed bankruptcy in 2009 — it is, according to TVR boss Les Edgar, uncommon for the Welsh government to invest in a company that’s still trying to work its way back to relevancy. "In fact, I don’t think it’s ever happened before,” Edgar added. “I see it as a sign of their faith in TVR."
With the investment, loan, and new facility in place, TVR plans to turn its attention to building the first pilot prototypes of the Griffith sports car. The company has said that production of the car is expected to start in the beginning of 2019.
That’s something we can look forward to now that TVR has the backing of the Welsh government. Here’s to hoping that there are no hiccups along the way.Source: topspeed.com