GEELY, the Chinese company that rode to the rescue of black cab maker Manganese Bronze last month, has unveiled ambitious plans for the company, including £100m of investment and 100 new UK jobs.
The Chinese firm snapped up Coventry-based Manganese, which collapsed into administration in October after a production defect hit cashflows, last month for £11m. The company already owned 20 per cent of the manufacturer.
Geely said it will make the £100m investment over five years and predicted the company could turn a profit within 12 months.
Around 100 new jobs will be added, mainly to the production line in Coventry, doubling the workforce and adding an extra boost to the Midlands’ resurgent car industry.
Geely is also understood to have announced a project aimed at introducing London's iconic black taxi service to China and other cities around the world.
Already, the company has sold 200 black cabs to customers in Saudi Arabia, as Geely aims to capitalise on the fame of London’s black cab culture around the world and in emerging markets.