London Taxis back in production

Production of the iconic London Taxis - the new TX4 model, has resumed at the London Taxi Company factory at Hollyhead road in Coventry, six months after the firm was rescued by the Geely Group. Geely Group Chairman Li Shufu and Business Secretary Vince Cable were present to officially start production.

Pic from their Twitter page

The Chinese owners bought the company for £11.4 million in February this year. With a £150m five-year investment plan, and 65 new jobs in Coventry and new sales staff in London, the company is hoping for a brighter future. - The company has a total workforce of around 170 and aims to produce 10 cars a day.

London Taxi taken over by the Chinese

Chinese car manufacturer Geely has bought LTI, makers of the legendary black London cabs, for £11.4 million. This includes  plant, equipment and property, intellectual property rights, trade marks and the "goodwill of the business" as well as Manganese Bronze Holdings (MBH) 48% stake in the joint venture manufacturing company in Shanghai set up by Geely and MBH in 2009 and MBH's stock of unsold vehicles.  MBH is the manufacturer of the cabs.

LTI which is based in Coventry went into administration in October. According to news reports, production of the TX4 cabs will still continue in their Coventry plant. They also have revealed plans to come out with new green cabs in the near future.