The consortium - which includes carmakers, Formula One teams, and airplane manufacturers - is ready to start producing medical devices under the name Project Oyster.
Ventilators take over the body's breathing function by pushing air into the lungs, with the aim of allowing a Covid-19 patient time to fight the infection and recover.
The specification has been overseen by Medicines and Healthcare products Regulatory Agency (MHRA), which regulates medical devices in the UK.
The following companies make up the consortium:
Ford Motor Company
High Value Manufacturing Catapult
Inspiration Healthcare Group
Red Bull Racing
Renault Sport Racing
Siemens Healthineers and Siemens UK
On Monday, the consortium said it has received a formal order for 10,000 devices but could produce more if needed.
It is expected there will be a "straightforward and very prompt regulatory sign-off" among the consortium - following a final audit - with production understood to be ready to start this week.
The order is made up of Project Oyster, which has involved making slight tweaks to an existing design by Oxfordshire-based firm Penlon, aimed at speeding up the assembly process.
The consortium is also lending its manufacturing muscle to upscaling production of a device called the ParaPac ventilator by Luton-based Smiths Medical - an endeavour called Project Penguin.
Leader of the consortium, Dick Elsy, said the projects brought together firms well used to solving problems, adding "this project is no different.
"They are working together with incredible determination and energy to scale up production of much-needed ventilators and combat a virus that is affecting people in many countries.
"I am confident this consortium has the skills and tools to make a difference and save lives."
A design for the battery-operated device, which would attach to patients' beds, took about 10 days to work up but is yet to get regulatory approval.
The ventilator - created with The Technology Partnership (TTP) - would be assembled at Dyson's Wiltshire facility.
On Monday, Staffordshire-based construction equipment giant JCB said it had repurposed part of its dormant production line to start building the metal housing for the Dyson design.
The company has delivered prototypes of the steel housing to Dyson already.
JCB said it received a direct approach from the Prime Minister to help with the effort earlier this month - and chairman Lord Bamford promised assistance.
Lord Bamford said: "This project has gone from design to production in just a matter of days and I am delighted that we have been to deploy the skills of our talented engineering, design and fabrication teams so quickly at a time of national crisis.
An intensive care doctor working in Cambridge explains how a mechanical ventilator works
He continued: "This is also a global crisis, of course, and we will naturally help with the production of more housings if these ventilators are eventually required by other countries."
Mass production of the housings could start at its re-purposed cab production line in Uttoxeter, "in a matter of days" according to JCB.
While defence engineering firm Babcock is working with a leading medical equipment company on plans to design and build its own critical care ventilators.
Technicians reverse engineered a device and made improvements with the first tranche of 100 now being delivered to UCLH for clinical trials before a wider roll-out.
If all goes well, up to 1,000 CPAP devices could be produced by Mercedes with production getting underway in a week's time.
The device has already been approved for use by regulator, the MHRA.
Business and industry minister Nadhim Zahawi said the consortium reflected "the very best of British engineering and manufacturing."
Adding: "It will be key in our efforts to ramp up ventilator capacity and overcome coronavirus.
"Over the coming weeks I will be working closely with the consortium as part of our shared ambition to protect our NHS and save lives.
"Over 3,000 companies answered the Prime Minister's call for ventilator production and their help will be vital as we make our way through this turbulent period."
Coronavirus: Everything you need to know: