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.

Prodrive and Ford launched FPV last September with a new brand identity, product range and distribution with the aim of capturing the Australian high performance car market from Holden Special Vehicles (HSV). A vital element of the strategy was linking the FPV brand to success in motorsport and, as a result, Ford Performance Racing (FPR), a wholly-owned Prodrive motorsport team, was launched in February 2003 to compete in the Australian V8 Supercar Championship.