Delays initially stemmed from the Welsh government’s 3% stake in the sports car firm, which, under EU rules, necessitated a lengthy tendering process for the sourcing of a construction contractor.
TVR has a new financial backer
The most concrete indication that TVR is almost in a position to start building the Griffith came earlier this year, when it announced “a multimillion- pound investment” from South American partner firm Ensorcia – which describes itself as a “group of companies that are dedicated to the development of net-zero carbon technology and environmentally sustainable production and processing of battery metals in South America”.
Neither TVR nor Ensorcia put a number on the investment but said it will go towards preparing the production line for the V8 Griffith, readying an electrified version of the coupé and repaying a £2 million loan from the Welsh government, which it will settle on 30 September, though any interest accrued post-January 2022 will be repaid in instalments quarterly.
What we need to know
Where is the money coming from?
Ensorcia’s investment is said to be enough to set TVR on a path to production and repay its most significant debts, but it is unclear if the sports car firm has managed to gather the £25m in required investment it was attempting to source by listing bonds on the Dublin stock exchange as long ago as summer 2020 – although it says this has been “successful in raising initial funds”.