Peel Engineering, the company behind the world's smallest car, is planning a limited production run of 50 new cars following public interest in the brand generated by BBC shows Top Gear and Dragons Den.

The firm is already taking deposits for an official P50 (as driven by Jeremy Clarkson) or a Trident (the bubble top version). The new Peels will eschew the original cars' scooter engine for an electric motor, although no details of its format have yet been released.

Despite its tiny dimensions, the three-wheeled car gets a full-sized price – retailing at £12,499.

At 1.3m long and just over a metre wide, the P50 holds the record as the smallest car ever to go into production. The Peels were originally built on the Isle of Man in the sixties before the company folded.

However, the manufacturer has since been resuscitated by two entrepreneurs, Gary Hillman and Faizal Khan. The pair gained further investment from investor James Caan after they presented the concept to the Dragon's Den team.

The company plans to generate extra revenue by selling a range of products which capitalising on the newly reinvigorated brand name.

"Not only will there be plenty of people who want to own a piece of history by having a Peel but the brand is ideally placed to expand into a larger product range," said Caan.

"You never know, soon you might even see me driving around Mayfair in my own Peel Engineering car."