This division will provide 'advanced technology development, materials engineering and design services to mainstream automotive, motorsport and aerospace markets'.

It is hoped that the experience gained by Scott-Geddes and Halstead while helping to develop the Mercedes SLR McLaren, together with the radical looks and advanced techniques used in the Freestream - now renamed Caparo T1 - will bring instant credibility to the new company.

The backing of a $1.25 billion multinational bodes well for the swift development of the extreme two-seater. Weighing just 465kg thanks to its composite body panels and chassis, and with a bespoke, mid-mounted, all-alloy 2.4-litre supercharged V8 producing 500bhp, the T1 promises major performance - 0-100mph in 5.0sec and a top speed of 200mph. It's also claimed to offer 3G's worth of both lateral force and deceleration, akin to those of a Group C racer, while at the same time being comfortable enough to drive on the road.

It's expected that the T1 will go on sale maybe even as early as this autumn at a price of around £150,000.