Geely to Invest £250m to Develop Next-Generation Green Cab
26 March 2015 | Admin
New state of the art facility for the next generation London Black Cab
Today Geely have announced that it will invest £250m to build a new state-of the-art research, development and assembly facility for the London Taxi Company as the group prepares for the introduction of the next generation electric and ultra-low emission London Black Cab.
The investment will see the construction of a new purpose-built facility in the Ansty area of Coventry, close to the London Taxi Company’s existing factory. The 85,000 sq metre site will house all of the company’s research, development and assembly operations.
Up to 1,000 new jobs will be created through the investment in the site, which will eventually have the capacity to assemble up to 36,000 vehicles a year. This is a ten-fold increase on capacity at the company’s existing site in Holyhead Road, Coventry, which has been home to the London Taxi Company for almost 70 years.
Geely’s commitment to the London Taxi Company marks the largest ever greenfield investment in the UK by a Chinese company and is being backed with funding from the UK Government’s Regional Growth Fund and other UK and local government support.
The investment comes as the London Taxi Company continues the development of the next generation London Black Cab, which will be an ultra-low emissions vehicle to comply with new regulations being introduced by the Mayor of London that will reduce the level of emissions allowed from new taxis from January 2018. The new vehicle will be developed using significantly increased UK and EU content, bringing economic benefits through the supply chain. It will be launched in the UK at the end of 2017 and across international markets in 2018.
The significance of this is that both David Cameron & Boris Johnson will both be present at the launch.
Prime Minister David Cameron said: “Geely’s £250 million investment and the creation of up to 1000 jobs is great news for Coventry and a vote of confidence in our long-term economic plan to back business, create jobs and secure the recovery. It means that more hardworking people will have the financial security that a job and regular pay-packet bring and demonstrates that the UK is open for business. The London Black Cab is iconic around the world and I am pleased that the next generation will have a state of the art production facility in the UK”.
The Mayor of London, Boris Johnson, said: “The production of zero emission capable vehicles, incorporating the latest state of the art technology, is essential as we strive to create the greenest taxi fleet in the world for London. I warmly welcome Geely’s commitment to building this impressive new factory in Coventry, highlighting the UK’s position as a world leader in the development and manufacturing of ultra low emission technologies. The vehicles this facility produces will help transform London's taxi fleet, boost jobs and growth in London and the West Midlands, and secure the long-term future of the taxi industry, whilst ensuring everyone who lives, work in or visits our city has the cleanest possible air to breathe”.