The plant will create 150 jobs in the region and the Welsh Government will also invest in the automotive manufacturer, further enhancing this manufacturing project which represents over £30m of capital expenditure over the next five years.
Chairman of TVR, Les Edgar commented: “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. I am delighted the next generation of TVRs will proudly bear the label ‘Made in Wales’.”
There have been over 350 advance orders of the new car, after images of what it may look like were released last year. TVR plans to unveil the final design by the end of 2016.
The new car will feature a V8 Cosworth engine and has been designed by Gordon Murray Design. It will be the first production car to be manufactured using Gordon Murray Design’s iStream assembly process to create a carbon fibre composite ground-effect chassis and body package.
TVR hopes to be producing around 2000 cars per year by 2022 with the first models slated for release in 2017.
Welsh Secretary Alun Cairns added: "Today's news is yet another strong endorsement of the quality of Britain's car industry, which has been creating jobs, taking on apprentices and contributing to building a stronger economy."
