A new version of the legendary Jensen Interceptor sports car will bring manufacturing back to a former motor plant in Coventry.
UK automotive company CPP Global Holdings will engineer, develop and build the vehicle at Jaguar's former Browns Lane site.
CPP had already announced it was bringing manufacturing back to the plant.
Jensen's much-admired Interceptor was originally built between 1966 and 1976.
The news is a further boost to the UK motor industry following Monday's confirmation that Jaguar Land Rover was investing £355m to build low-emission engines at a business park near Wolverhampton, potentially creating thousands of new jobs.
CPP said it hoped to start delivering the new car to customers in 2014.
A team of Coventry-based design consultants employed by the Jensen brand's owners, Healey Sports Cars Switzerland Ltd, has completed the design of the new Interceptor, which has already gained "significant customer interest".
The public unveiling of the Interceptor is planned for late 2012. Annual production numbers and pricing are yet to be confirmed.
Brendan O'Toole, founder and co-owner of CPP, said: "I started my career by restoring bodies and components for classic British sports cars, so for CPP to take the lead role in reviving this iconic brand is very exciting for the business, and for me personally.
"The Jensen design team has respected and honoured the great heritage and attributes of the original Interceptor, while injecting a contemporary edge and advanced technologies that will ensure it appeals to the passionate, discerning motoring enthusiast of today."
CPP, which already has five existing facilities in Coventry, owns the Bowler off-road vehicle company and is negotiating to acquire sports car company Spyker.
It is purchasing 23 acres at Browns Lane from regional development agency Advantage West Midlands.