LONDON’S black cabs have started rolling off the production line in Coventry again, six months after Chinese business Geely bought the manufacturer out of administration.
Geely has pledged to invest £150m in the factory that makes the iconic TX4 model over the next five years.
The firm said yesterday that it has already sold out its first month’s production run, and it expects to sell around half of the 2,000 vehicles planned for the coming year to buyers overseas.
“Today is a milestone in the history of the London Taxi Company, but it marks just the beginning of what we believe will be a strong and prosperous future,” said chairman Li Shufu.
Geely bought the company after former owner, London-listed Manganese Bronze, collapsed into administration last October.
Business secretary Vince Cable, who attended the opening yesterday, said the fresh investment is “a clear demonstration of the success of the British car industry”.