The Prodrive and Ford Australia joint venture, Ford Performance Vehicles (FPV), will continue to develop and manufacture high performance cars following a five-year contract extension. The venture was formed in 1991 and is 51% owned by UK-based Prodrive, an independent motorsport and automotive technology business, and 49% by Ford Australia. From its operation in Melbourne, it currently builds the FPV GT, GT-P and Pursuit Ute with an output of around 2,000 vehicles a year. The company also develops and builds the V8 engine for these vehicles on the same site.