TVR Griffith 2018
The Welsh Government has invested £500,000 in the
The production facility, which is expected to create around 100 jobs, will be based in the former Techboard building in Rassau as part of the Tech Valleys project.
It is expected TVR will build its new Griffith, launched at Goodwood in September, in the new factory when it is completed in 2019.
A spokesperson for the Welsh Government said: “TVR are making good progress with their new car and have secured all necessary funding to complete the pre-production design and engineering development work.
“Their move to Wales offers an exciting opportunity to create over 100 much needed, well-paid new jobs in the Valleys.
“We look forward to them being an important employer within our Tech Valleys programme which aims to create 1,500 jobs over the next 10 years, and we are proud to be a long-term investor in their project.
“As part of our initial support package to commit TVR to manufacturing in Wales and following independent and specialist due diligence, we provided a repayable commercial loan to the company in early 2016. This was made alongside a private sector lender.
"At the same
“This gives the Welsh Government a minority stake of just below 3% that will ensure the Welsh taxpayer benefits from the company’s successes.”
Shadow Economy Secretary Russell George has called for assurances from the Welsh Government that taxpayer money is being properly safeguarded.
He said: “We need to see tangible evidence that this investment represents value for money.”
“The prestige of the TVR badge is one thing – and there is understandable excitement around their decision to locate in Wales.
“However, we need to see the jobs that were promised, and as major shareholders in the
“Ultimately, commercial common sense dictates that there must be an economic benefit to this spending.
“Millions of pounds have been invested in TVR, and the Welsh Government must ensure that this exciting project doesn’t turn into another disappointment for the people of Blaenau Gwent.”
The TVR Griffith will be the first car from the manufacturer since ownership was taken over by a consortium headed by computer games magnate and entrepreneur Les Edgar.
TVR has sold almost all of the 500 Launch Editions, which cost £90,000.
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