The iconic British auto brand TVR will almost certainly not be making any more vehicles in the U.K. Instead, as the Independent reports, future models will most likely be built in Asia. Why? Because, Nikolai Smolensky, known as the "Baby oligarch," split off an administration arm from the company late last year. Just last Friday, that arm put the TVR name and some of it's tooling Jeremy Korzeniewski
Ford informed BMW today that it would be exercising its right to buy the Rover name from the German automaker and also announced that it will not be putting it up for sale. The Detroit automaker purchased Land Rover from BMW in 2000 and has since had the option to buy the Rover name or at least first refusal rights if BMW tried to sell the name to a third party. Well, that's exactly what BMW tried to do and had reportedly arranged a deal already with Chinese automaker Shanghai Automotive Corp. (
The collapse of MG Rover was an expensive affair for the British government and its people. A report published by the country's Public Accounts Committee says that the decline of MG Rover between 2000 and 2004 cost tax payers around £270 million. A £500 million pension deficit will also likely be met by the country's Pension Protection Fund, and the defunct company still owes £109 million to creditors, which they likely won't be getting.