Henry Ford II had sought a presence at Le Mans since the early 1960s. In 1963, Ford began negotiations with Enzo Ferrari, reportedly spending several million dollars auditing the Ferrari factory before talks collapsed, largely over Ferrari's insistence on retaining independent control of his motorsport operations. Incensed, Ford II directed his racing division to build a car capable of beating Ferrari outright at Le Mans — the race Ferrari had won six consecutive times from 1960 to 1965.
Ford identified the mid-engined Lola Mk6 as the most advanced existing platform and entered a collaboration with Lola's Eric Broadley. To lead the engineering team, Ford recruited John Wyer, the former Aston Martin team manager who had won Le Mans in 1959. Ford engineer Roy Lunn, who had designed the mid-engined Mustang I concept car, was also assigned to the project.
The team initially worked at the Lola factory in Bromley before relocating to Slough at the end of 1963. Ford then formally incorporated Ford Advanced Vehicles Ltd as a subsidiary, with Wyer directing the operation.
The first GT40 chassis, built by Abbey Panels of Coventry, was delivered on 16 March 1964. Ford unveiled the car, then simply called the "Ford GT," in England on 1 April 1964 and exhibited it in New York shortly after. It was powered by a 4.7-litre HiPo Ford V8 engine.
FAV's 1964 racing season proved deeply disappointing. The GT40 debuted at the Nurburgring 1000 km in May 1964, retiring early with suspension failure after briefly running in second place. At the 24 Hours of Le Mans, all three FAV entries retired, though the car driven by Richie Ginther and Masten Gregory had led the entire field from the second lap until its first pit stop. A season-long series of mechanical failures followed.
After the 1964 Nassau Speed Week, Ford transferred the main development programme to Carroll Shelby's team in the United States, while FAV continued building production GT40 Mk I cars at the Slough factory. Shelby's American operations brought the car its first victories in 1965, including at the Daytona Continental and Sebring.
Ford closed Ford Advanced Vehicles after the 1966 season. The Slough factory and the responsibility for continuing GT40 production were passed to a new entity, J.W. Automotive Engineering Ltd, formed by John Wyer and his associate John Willment.
Despite its short existence and a racing record defined largely by mechanical attrition rather than victories, FAV was instrumental in transforming the GT40 concept from prototype to production car. The 31 Mk I cars built at Slough — priced at approximately £5,200 each — established the minimum production numbers required for FIA Group 4 homologation, a qualification that would later allow the Gulf-Wyer team to win Le Mans outright in 1968 and 1969 with a modified Mk I chassis. The foundation FAV laid at Slough, in terms of engineering knowledge and the cars themselves, underpinned some of the most celebrated endurance racing victories of the 1960s.