Is the troubled company getting back on track?
The once-flourishing British sports car industry is now flailing. Aside from Lotus (which has recently launched the Emira), they've either since gone extinct or are battling financial woes. TVR is a fine example. For years, the boutique automaker has had to contend with massive challenges, including bankruptcy. But in 2017, the company went through somewhat of a renaissance, with the new owners promising an all-new model.
The reborn Griffith looked massively exciting when it was first previewed five years ago but repeated delays have stalled its official debut and production several times. But according to a report from Autocar, there's a glimmer of hope for the troubled brand. The company has announced a preview of its all-electric Griffith, a high-performance EV that will sit alongside the traditional ICE variant, itself powered by a Ford Mustang-sourced Coyote V8.
Details surrounding the battery-powered TVR are yet to be shared, but we've previously expressed concern over TVR's electric ambitions. Adapting the V8 variant to run on batteries will likely be very challenging, but it seems the automaker has found a solution - or so it seems.
If the company has any shot at survival, an EV is imperative. The much-loathed ICE ban draws nearer in the UK and Europe; this would render a new V8 sports car useless. Encouraging news comes in the form of factory updates. The British publication has learned TVR's Welsh factory is moving forward. The company will reportedly sign a lease deal in the near future and the shell of the facility is ready for production equipment.
As a reminder, the embattled carmaker partnered with Ensorcia Metals Corporation to spearhead its electric future. Interestingly, investments gleaned from the South American firm will not only be used for the soon-to-be-revealed Griffith EV but also prepare the production line for its V8-powered sibling. While this may be enough to kick things off, TVR has said it needs more financial backing.
"Further investment is required...to deliver the pre-existing order book, which is expected to realize the forecasts and financial projections...discussions are ongoing with a number of prospective equity investors," said the company.
We hate to be cynical, but it seems that TVR's woes are far from over. Yes, the 2024 Griffith EV will certainly appeal to a broader consumer base, but the sports car segment as a whole is, sadly, dying. Rivals such as Lotus are aware of this and have already bolstered their lineups with a luxury electric SUV (a plush sedan is on the way, too).
TVR has previously said it plans to introduce two additional electric vehicles and, for their sake, the duo will have to be something more mainstream. The V8 - if it ever arrives - won't be around for long in key markets due to emissions regulations and relying on an electric sports car to bring in money is a tall order. If the Griffith makes it to America in V8 form, there's a good chance it may find success among a select group of discerning customers.