China-based Zhejiang Geely Holding Group is planning to invest EUR100m in UK-based taxi maker Manganese Bronze Holdings over the next five years.
Geely acquired the taxi maker on 01 February 2013, which included a plant, equipment, property, intellectual property rights and trademarks.
The investment will be made in a global taxi project that is expected to introduce London's black cabs' service to China and cities around the world, while making the taxi maker profitable in a year, according to the Chinadaily.
Geely owner and chairman Li Shufu said that Manganese Bronze will regain profitability this year.
"We are making a new business plan for the taxi company and aim to rebuild the future of the globally renowned and respected brand," Li Shufu said.
The company plans to restore Manganese Bronze's business and continue production of its vehicle, TX4, at its plant.
Geely Group chief financial officer, Manganese Bronze London chairman Li Donghui said that the new company has restored its sales and expanded the reach of the black cab outside London, courting customers in Saudi Arabia and Australia.
"We have sold 400 taxis recently, with 200 to Saudi Arabia and 200 to Australia," Li Donghui added.
