MG Rover developed the car after buying the Italian Mangusta sports car platform, owned by the American Qvale Automotive group
, in June 2001.
The British car maker last year bought the Italian subsidiary of Qvale Automotive Group
, based in Modena, northern Italy, which the employed 70 people to man-ufacture the Mangusta.
'Some of you were probably taken aback when we announced the purchase of a second company in June with our agreement to buy the Italian subsidiary of the Qvale Automotive Group
,' said Mr Howe.
MG Rover recently bought Italian car makers Qvale Automotive Group
. The company, based in Modena, makes the Mangusta sports car.
The Longbridge-based manufacturer have bought out Modena-based Qvale Automotive Group
, makers of the Mangusta sports car and plan to use its superb chassis as the base for their all new British-designed MG X80.
Bruce Qvale, president of Qvale Automotive Group
, said: "MG Rover showed an interest in our Mangusta car project in Modena and we have agreed a good deal for both sides.
MG Rover is developing the X80 after buying the Italian Mangusta sports car platform, owned by the American Qvale Automotive group
, in June 2001.
Predicting the route the company takes could be as difficult as predicting June's deal to buy Qvale Automotive Group
in Modena, Italy.
MG Rover took the automotive industry by surprise when it bought Qvale Automotive Group
in Modena in June along with Mangusta technology and 70 employees.
MG Rover developed the 4.6-litre, 385bhp sports car on the back of its hushed-up deal to buy the American Qvale Automotive Group
's Italian subsidiary for an undisclosed sum.
Just days after the race, the parent MG Rover company surprised the motoring world by revealing that it was set to challenge the likes of Ferrari and Porsche in the supercar league after buying the manufacturing assets of the US-Italian firm Qvale Automotive Group
A key factor in the move is last month's take-over of the US-Italian Qvale Automotive Group
which could accelerate MG Rover's invasion.