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Jensen: Regarded by many as one of the finest British vehicles
Jensen is set to return to the roads after an engineering group bought the rights to manufacture new models.
The firm, which produced the world famous Jensen Interceptor and Jensen Healey, is considered by many to be one of the great names in British sports cars, ranking alongside Aston Martin.
But the firm collapsed for a second time in 1992 due to financial difficulties.
West Midlands company Creative obtained rights to the Jensen name earlier this year and are beginning tests on a 150mph production model.
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Creative's joint managing director Keith Rauer said the firm wanted to produce around 500 cars a year if it can get financial backing.
If the project gets the go-ahead, the new model will be produced in the Midlands.
"Work is progressing well towards the launch," said Mr Rauer.
"There is a very strong business case to support the project and we are in discussion with potential investors to raise the necessary funds to underpin the launch of the new car."
His partner Robin Bowyer added: "Jensen has its roots in the Midlands. It's entirely appropriate that the vehicle will be true to its heritage and will be built here again.
"We have received very positive feedback on the car and plan to launch the first vehicle in a new range of Jensens towards the end of next year."