British sports car maker TVR is to make its new generation of vehicles in south Wales, creating 150 jobs.
It is the second luxury car maker to announce a major investment in Wales in recent weeks after Aston Martin said it was to open a new production facility in the Vale of Glamorgan.
Production for the TVR is to begin next year with four new models being brought to the market over the next ten years. The investment is backed by the Welsh government.
First Minister Carwyn Jones said: “This is yet another fantastic high profile investment for Wales and a great boost for our automotive sector.
“TVR is another iconic and much loved, world class brand that still commands a strong and loyal international following.”
The new TVR project, which was first announced last year, has already secured more than 350 deposits for a new car featuring a chassis created by Formula One designer Gordon Murray.
It is expected to reach peak production of 2,000 cars a year by 2022. Further design details are set to be unveiled later this year.
The independent British sports car maker was set up in 1947 by Trevor Wilkinson.
In 2006, when it was based in Blackpool, it collapsed into administration. It is now being revived under chairman Les Edgar, whose consortium bought the brand in 2013.
Mr Edgar said: “We have a sports car project that has attracted global approval and excitement, and we are delighted that the Welsh Government wishes to become a part of an exciting new era for TVR.”