In 1993 and 1994, Maserati technical director Giordano Casarini made a number of business trips to the United Kingdom and, while there, first saw the TVR Griffith.

Casarini suggested that De Tomaso make "an Italian TVR", pointing out the positive design elements that made the Griffith attractive.

Soon after Casarini's communications with HSV, Ford Motor Company contacted him with the news that they would indeed be able to supply the Modular V8, along with transmissions, ancillaries, and electrical systems.

A prototype of the car was displayed at the 1996 Geneva Motor Show and was called the De Tomaso Biguà, though it still needed development before it would reach full production.

The company required capital to continue, and an initial appeal to the Italian government failed due to the declining health of Alejandro de Tomaso.

The roto-top features a center removable panel (similar to normal targa configurations) but also allows the rear section to electrically rotate (on a forward pivot) out of sight into a cavity behind the seats.

On January 6, 2000, at the Los Angeles Motor Show, Bruce Qvale announced the return of the De Tomaso brand to North America with the new Mangusta.

Also announced was the Mangusta's entry into racing, with Qvale Motorsports entering a car sponsored by Tommy Bahama into the BF Goodrich Tires Trans-Am Series.

Also, a partially completed right-hand-drive Qvale Mangusta was shown at the British Motor Show in October 2000 and was later sold as street legal in Europe.

[4] Lackluster sales figures in 2000 prompted Qvale to reduce the price of model year 2001 cars by nearly 10,000 USD, which the company announced on October 13, 2000.

Soon after, Stephenson and his colleagues began to consider the possibility of using the Mangusta platform to develop a high-performance halo car to grow the MG brand.

On February 28, 2001, Stephenson and his colleague Peter Beale began negotiations with Qvale Modena to purchase Mangusta production assets.

A contract was drawn, and on June 19 of that year, the announcement was made that the deal was complete (with account reports indicating that the price was £7 million.)