--- title: "Wales Blew $18 Million on TVR’s Ongoing Revival Attempt" date: "2024-07-17" modified: "2024-07-17" authors: - name: "Nico DeMattia" job_title: "Contributing Writer" link: "https://www.thedrive.com/authors/nico-demattia" url: "https://www.thedrive.com/news/tech/wales-blew-18-million-on-tvrs-ongoing-revival-attempt" categories: - "Car Tech" - "Manufacturing" - "News" --- # Wales Blew $18 Million on TVR’s Ongoing Revival Attempt ![]() *TVR* The saga of TVR is often sad, sometimes funny, and seemingly never-ending. Just when you thought you'd never hear from the plucky, nearly extinct British sports car brand again, its name pops up in the news. This time, though, [TVR]() didn't just disappoint hopeful would-be customers with flashy concepts that never came to be. According to *[Autocar]()*, it actually disappointed the entire Welsh government. Back in 2016, the Welsh government gave TVR $2.6 million, plus an additional $500,000 in equity shares, in hopes that the defunct sports car brand would build its cars in Wales. Even after that initial cash drop, Wales continued its attempts to court TVR into building cars on its soil. It spent another $6 million on the Ebbw Vale factory and an additional nearly $10 million on restoring the old building. All said and done, Wales is into TVR for more than $18 million. However, according to Welsh auditor general Adrian Crompton, TVR “was still not able to lease the building for production purposes." Instead, TVR decided to put Wales squarely in the friendzone and set up shop at the Thruxton Circuit in Hampshire, England. ![]() Despite rejecting Wales' advances, but still taking its money, the country still owned 3% of TVR from the equity shares it bought. TVR did repay some of Wales' money after it sold some of its shares to lithium production company Ensorcia. But the Wales/TVR saga isn't over. According to Crompton, the investment from Enscorcia allowed TVR "to repay the Welsh government loan and accrued interest but, so far, is less than the estimated £40m necessary for car production.” In 2021, [TVR received $52 million]() (£40 million) worth of orders but, Crompton said it still lacks the funds to fulfill them. And since it can't produce those orders, its share price is below what the Welsh government bought in for, so it can't sell it without losing money. I think, as car enthusiasts, we all want TVR to succeed. How cool would it be to see cars like the stunning [TVR Griffith](), with its [Gordon Murray Automotive]()-designed chassis and Cosworth-tuned Ford V8, driving around? But it seems that no matter who buys, invests, or even tries to help TVR, it can't get out of its own way, even if that help comes from the Welsh government. *Got tips? Send 'em to tips@thedrive.com* ## Author Nico is a writer and reviewer from New Jersey who probably thinks he’s a lot funnier than he actually is. His love of cars began when he was just a kid playing Gran Turismo 3, grinding out enough race wins with a Mazda Miata to save up for an in-game RUF 911. That passion for small, lightweight sports cars drove his desire to learn more about the industry, get his hands on as many cars as he could, and bring those experiences to life on the page. He cut his teeth writing about BMWs, Volkswagens, and Audis, mostly, and has owned far too many of each. He’s on his fourth 3 Series sedan, but all of his old, cheap German cars have forced him to learn more about car maintenance than his mechanical capability can handle. Too many late nights have been spent scrambling to get a car running by morning so he could get to work. For some reason, he never seems to learn that old Bimmers probably aren’t the best daily drivers. But he loves more than just old German cars. He’ll gladly drive and discuss anything with four (or even three) wheels. Cars aren’t his only passions, though. Nico is also a big nerd and loves movies, video games, comic books, and cares far too much about the New York Giants. So don’t be surprised if you see football references or dumb, obscure movie quotes in any of his car reviews. ### Author social links [Instagram]() [LinkedIn]()