Formula One great Gordon Murray sets sights on developing electric vans, SUVs

The Gordon Murray Group plans a $420 million expansion over the next five years, mostly to be spent on efforts to developing electric SUVs and delivery vehicles towards an all-electric supercar by 2030.

The company is set to produce 100 of its first supercar, the T50, next year.

Equipped with a powerful V12 engine, the T50 is priced at around 2.4 million pounds each.

Gordon Murray, the Formula One design great who oversaw one of the sport's most successful cars to date, acknowledged that going electric is what's been missing in the company and where the future is.

The company plans to launch another fossil-fuel supercar after the T50, followed by a hybrid model around 2026 and a fully electric supercar in 2029 or 2030.

Murray said that the supercar is a "brand building" product at the upper end of his business and that they'll focus on lightweight and electric cars at the customer-facing end.

The company has been working on designs for a lightweight SUV and a delivery van, which it would offer to traditional manufacturers or startups.