£250m investment to build next generation of London Taxis in Coventry
26th March 2015
Geely has announced that it will invest £250m to build a new state-of the-art research, development and assembly facility for the London Taxi Company as the group prepares for the introduction of the next generation electric and ultra-low emission London Black Cab.
The investment will see the construction of a new purpose-built facility in the Ansty area of Coventry, close to the London Taxi Company’s existing factory. The 85,000 sq metre site will house all of the company’s research, development and assembly operations.
Up to 1,000 new jobs will be created through the investment in the site, which will eventually have the capacity to assemble up to 36,000 vehicles a year. This is a ten-fold increase on capacity at the company’s existing site in Holyhead Road, Coventry, which has been home to the London Taxi Company for almost 70 years.
Geely’s commitment to the London Taxi Company marks the largest ever greenfield investment in the UK by a Chinese company and is being backed with funding from the UK Government’s Regional Growth Fund and other UK and local government support.
The investment comes as the London Taxi Company continues the development of the next generation London Black Cab, which will be an ultra-low emissions vehicle to comply with new regulations being introduced by the Mayor of London that will reduce the level of emissions allowed from new taxis from January 2018. The new vehicle will be developed using significantly increased UK and EU content, bringing economic benefits through the supply chain. It will be launched in the UK at the end of 2017 and across international markets in 2018.
The investment underlines Geely’s commitment to LTC and the UK following its rescue of the business out of administration in 2013, since which time the company has invested significantly to restart production and fund the development of the successor to the existing TX4 taxi.
Production of the iconic London Black Cab began at the London Taxi Company’s existing Coventry site in 1948 since when more than 130,000 vehicles have rolled off the assembly lines. Today's investment will ensure that Coventry remains the home of the London Black Cab.