TVR’s sports car Griffith has been in the making for a long time but hasn’t lost support. Now, the company has revealed an 17-month plan to begin car production by 2022. The plan includes rebooting activities and raising funds in the bond market, the company seeks funds of £24m to fit out the Welsh factory.
The company is working under a new CEO, Jim Berriman, who was appointed late last year. He is working with the principal directors, chairman, and operations chief to raise £23m on Europe’s largest bond market. They have estimated that they would spend around £45m on the project when they would start manufacturing vehicles.
Griffith was introduced at the Goodwood Revival in 2016 and so far the company has got orders worth around £39m. According to the company they have the support of the amazing customers who contributed deposits of between £2501 and £5010 around 2 years ago. The customers wanted to be the first ones to get when the first batch is sold and the company is thankful to them.
But, as we can see clearly this project is a lot tougher than what the company expected and it has also taken a long time. But, still, the management and engineers are dedicated to manufactures a great sports car, that’s different from what’s already available to the customers. The project has faced many delays, but most of them were due to the problem not in the company’s control.
The company’s chairman mentioned the EU requirement for the Welsh authorities to offer contracts to bidders across Europe. The contract is now given to a local company, who has published the schedule and things are ready to roll. Another delay was caused due to the Covid-19, the Welsh government, who has a 3% share in this project had to put all this focus on handling the crisis.
The company’s leaders are usually diplomatic in their stance, but they are not hoping that after Ford departs from Bridgend and Ineos’s, who has decided to not build a plant there, so they can buy a smart factory in France, the company’s role in Welsh car industry would have great importance. The company wants to help the country’s car-making and help current component suppliers who are at a great disadvantage.