Re : TVR appoints new CEO; laments factory issues
Discussion
vaud said:
...why not do a deal with Lotus or Ginetta for initial runs? They at least have establish facilities, QA and supply chain. OK, lots of tooling needed....
the Gordon Murray Hype Engine said:
an iStream® production site requires up to 80% less investment than traditional assembly plants...
I bet Les Edgar is really happy he chose GMD for the project. He could be having big problems with the investment needed for the factory, otherwise...Tuna said:
Welshbeef said:
Anyone here put a deposit down and now feeling squeaky bum time....
Hope no one loses out in this but it’s a possibility
If you put a deposit down that early in the process, you should have done it with the expectation you might never see it again.Hope no one loses out in this but it’s a possibility
Whilst I do hope they sort this out (and do wonder slightly if, post Brexit, there's a way to sort the factory issue out more directly), I don't think anyone can get too precious about their deposit.
TVR FAQ Page said:
Is my money at risk?
No – we would never allow that to be the case. We are well funded, and are here to stay! The deposit line has opened in response to a large number of requests from potential customers wishing to place a deposit on the basis of the information currently available both in the motoring press and on our website. If you do not consider this to be sufficient for you to decide whether or not you should place a deposit, we recommend you do not do so. However, if you pay by credit card, your payment is guaranteed by the credit card company.
Personally I find it a bit off to suggest that it's OK to place deposit because the CC company takes the hit if it all goes wrong. No – we would never allow that to be the case. We are well funded, and are here to stay! The deposit line has opened in response to a large number of requests from potential customers wishing to place a deposit on the basis of the information currently available both in the motoring press and on our website. If you do not consider this to be sufficient for you to decide whether or not you should place a deposit, we recommend you do not do so. However, if you pay by credit card, your payment is guaranteed by the credit card company.
They're clearly trying to do something on the finance side with new directors (inc Les Edgar) appointed to TVR Finance Ltd (dormant since 2017) a couple of weeks ago.
vaud said:
rockin said:
Let's get back to basics,
Indeed. If it was such a good plan / car... why not do a deal with Lotus or Ginetta for initial runs? They at least have establish facilities, QA and supply chain. OK, lots of tooling needed but you could make it time limited or do it via a JV.- Who's got a big, expensive car factory that hardly builds any cars? - Lotus
- Who's got a design for a new car and, allegedly, lots of deposits in the bank? - TVR
That’s the crucial core that costs a relatively predictable amount of money and takes a pretty well known amount of time. It’s the part that Max keeps reminding us of in the style of a tooth sucking KwikFitter or dodgy builder.
It’s the funding for that core that isn’t yet evident. Given the investment industry’s near 100% focus on EVs, the 3 year fiasco of Brexit and more recently the abject failure of both the Aston Martin IPO and then their emergency junk bond issue and finally last week a ‘rescue’ by just another bloke who is almost certainly going to rape the cr4p out of the carcass to fuel his F1 hobby at one end so the same amount can be taken out at the other end for himself, it’s probably just about the worst time in the history of the automobile to be trying to secure funding for this type of car in this corner of the world. You’ve also got the recent recovery in Tesla’s shareprice which has further hit this market by returning furver to the EV investment side.
Investment capital flows in trends. No one wants to put their name to a deal that is not on trend. No one in a blue suit with brown shoes is even going to consider a deal like this. They’re going to laugh at it because they don’t understand it and it’s not what their peers are talking about. Salaried VC juniors aren’t going to buck the trend. You need to find much smarter and braver people than the braying blue suited clones.
Digga said:
DonkeyApple said:
You need to find much smarter and braver people than the braying blue suited clones.
You mean like a Yorkshireman who's just sold a chemical factory in Rugeley, Staffordshire and has a chunk of money burning a hole in his pocket?PW wouldn’t have the money to do what he did today. He also legally wouldn’t be allowed. The customers who will put up with his contempt and shortcuts also have gone.
The industry is much more professional in 2020, much more capital intensive to get to market and the consumer much less tolerant.
For me, when you look at today’s landscape and what is needed then the likes of PW are very much consigned to history in things like this where the end product has massively outgrown their skill and expertise just in this particular field.
vaud said:
Tomlinson is a very smart man - and very pleasant to chat with.
I bumped into him when he was running a very early EV test mule (Ginetta G50 EV I think, about 2009) as his daily runner.
https://www.autocar.co.uk/car-news/new-cars/ginetta-g50-ev-plans-holdI bumped into him when he was running a very early EV test mule (Ginetta G50 EV I think, about 2009) as his daily runner.
Lotus and Morgan managed to get their hands on the free money that was being offered back then, as did a lot of others.
He arguably burnt his bridges to the capital markets due to his political activities at the time and his previous track record with RBS money.
vaud said:
Tomlinson is a very smart man - and very pleasant to chat with.
I bumped into him when he was running a very early EV test mule (Ginetta G50 EV I think, about 2009) as his daily runner.
I've a huge deal of respect for him. Not least his involvement in the (rightly) critical review of RBS dealings with SMEs.I bumped into him when he was running a very early EV test mule (Ginetta G50 EV I think, about 2009) as his daily runner.
Whilst we're talking of 'suitable bosses', Lawrence Whitaker springs to mind. Quite like how he's resurrecting the Lister brand.
LooneyTunes said:
Personally I find it a bit off to suggest that it's OK to place deposit because the CC company takes the hit if it all goes wrong.
Which.co.uk said:
Only deposit paid on credit card
There are some limitations to when a card company is liable along with the retailer or trader.
To claim under Section 75 of the Consumer Credit Act, the item or service you bought must have cost over £100 and not more than £30,000.
You don't have to have paid the full amount on your credit card – the card company is liable even if you made only part of the payment (a deposit, say) on your card.
It's the value of the goods you're buying that is key - not the amount paid on the card.
To me that says they only cover you if the value of the goods (i.e. not the deposit) is no more that £30,000.There are some limitations to when a card company is liable along with the retailer or trader.
To claim under Section 75 of the Consumer Credit Act, the item or service you bought must have cost over £100 and not more than £30,000.
You don't have to have paid the full amount on your credit card – the card company is liable even if you made only part of the payment (a deposit, say) on your card.
It's the value of the goods you're buying that is key - not the amount paid on the card.
And since the car in the case is way more than £30,000, you are not covered by your credit card issuer.
lemmingjames]Why not the honda plant at Swindon or are the welsh offering bigger [strikethrough said:
backhanders[\strikethrough] incentives?
That facility could be a good new home for a combined group of small specialists like Lotus Ginetta caterham TVR etc - get them all into a modern facility and work out how to make use of The facility and skilled work force for assembly.But retain their own individual brands and use the plant for building / assembling cars to modern standards.
"reports suggest a planning application to refurbish the existing factory has finally been submitted"
"There is currently no listed schedule for the refurbishment process, but it’s not expected to be completed this year"
https://www.autocar.co.uk/car-news/industry/tvr-gr...
Gassing Station | General Gassing | Top of Page | What's New | My Stuff