Chinese automaker Geely, the owner of the London Taxi Company has unveiled plan to invest 250m on new research, development and assembly facility for the development of electric and ultra-low emission London Black Cab.
The London Taxi Company is planning to jump into the electric car bandwagon with the introduction of next generation electric and ultra-low emission London Black Cab.
The investment will be used for the construction of a new 85,000m2 purpose-built facility close to London Taxi Company's existing factory in Warwickshire, which began production in 1948.
With the investment, the automaker also expects creation of 1,000 new jobs at the site.
According to London Taxi Company, the site will house company's research, development and assembly operations.
The facility will initially produce 36,000 vehicles a year, which is expected to increase in future.
Zhejiang Geely chairman Li Shufu said: "This investment will secure the future of London Taxi Company. Almost two years after we acquired this company - in which we first took a stake in 2006 - it has become an important part of our global automotive strategy.
"The London Taxi expansion will demonstrate the benefits of Anglo-Chinese partnerships, showing how we can harness our resources, industrial know-how and technology to produce an environmentally-friendly next generation electric and ultra-low emission London Black Cab that China and the UK will be proud of, and which can be a world-beater in export markets."
