Failed TVR factory project in Wales could cost millions in public funds
TVR’s withdrawal from government-backed factory project has left taxpayer cash hanging in the balance
TVR’s plans to produce its brand-new Griffith sports car appear to be stuttering to a slow, painful halt. Six years on from its debut, the V8-engined two-seater is still yet to hit the road, and last year TVR lost exclusive rights to the Ebbw Vale factory where the Griffith was to be built.
The company has since announced a new development centre at Thruxton Circuit, but the failed Welsh factory project could potentially result in a loss of millions of pounds of taxpayers' funds. In a letter to Welsh Parliament, Adrian Crompton – the auditor general for Wales – revealed that the Welsh government spent £4.75m buying the Ebbw Vale facility and a further £7.6m refurbishing it, and since TVR confirmed it wouldn't be moving in, efforts to find a replacement tenant have been fruitless. Selling the building at a market value of around £7.5m would result in a net loss of £4.85m.
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TVR’s rebirth has been led by Les Edgar, who took charge of the brand in 2013. The Griffith was unveiled four years later as a Porsche 911 and Aston Martin Vantage rival, underpinned by Gordon Murray’s innovative iStream chassis construction and powered by a suitably old-school 5-litre Ford V8. The Griffith looked promising on paper, with a projected 200mph+ top speed and sub-1250kg target weight comparing favourably against its peers. TVR just needed to secure enough funding to build it.
The Welsh government bought the Ebbw Vale facility back in 2017, and following its refurbishment the plan was to hand the keys to TVR who would install GMA's iStream production technology to build the Griffith. Unfortunately, that refurbishment became a strip-down rebuild, stalling the project and making it less attractive to TVR’s potential investors. Work on the facility began in 2020 and was completed last year, but TVR's exclusive rights to the site have since expired.
There is also a question mark over TVR being able to use Gordon Murray's iStream technology, following the sale of Gordon Murray Technologies earlier this year to the Abu Dhabi investment group CYVN Holdings. In 2023 the specialist mobility investment company also injected $2.2bn into Chinese electric vehicle maker Nio.
In December 2023, TVR issued a statement to announce a 'European Development and Brand Centre' at Thruxton motoring racing circuit in Hampshire. This new Thruxton site will replace TVR's current facilities in Surrey, although no time frame has been given for when TVR plans to move in.
The first Griffiths had been scheduled for delivery in the latter half of 2023, but it now seems to be a matter of if – rather than when – the V8 sports car will ever become a reality.
