Smolensky, 32, told Autocar that costs and customer demands have become too high to make TVR cars a viable project meaning an eventual resumption of production is equally fated.
Autocar reports that the TVR name will continue on but as part of a new business venture into building portable wind turbines.
After buying the Blackpool-based company in 2004 from previous owner Peter Wheeler for a rumoured £15 million ($22.8 million), Smolensky saw the business through ups and downs until 2006 when production ceased.
Smolensky had planned to resurrect TVR with three prototypes: a Tuscan Mk2 convertible with a 298kW Corvette LS3 engine, a Cerbera with a BMW-sourced twin-turbo V8 diesel and a GT350 with a 100kW electric motor.
"The costs were high. We would have to sell them at between £100,000 and £200,000 ($152,000 and $304,000), which was too high to make sense," Smolensky said.
Despite the end to manufacturing, spare parts will still be available for existing cars.
With its cars renowned for their tubular steel frames and fibreglass bodywork and for omitting features like anti-lock brakes (ABS), traction control and power steering for the advantage of purity and simplicity, the brand will be sorely missed by enthusiasts.
The news of TVR's demise follows further difficulties with another UK brand, Lotus, which has withdrawn from the upcoming Paris motor show in September as it regroups following the firing of CEO Danny Bahar.