Geely to invest $372m on new London Taxi facility

Zhejiang Geely Holding Group Co Ltd will invest 250 million pounds ($372 million) to build a new facility for the London Taxi Company in Coventry, United Kingdom, the Chinese company said on Thursday.

The 85,000-square-meter site, which is close to the company's existing factory, 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 investment will secure the future of London Taxi Co. Today's announcement symbolizes the close business links between China and the UK, which is an attractive market for Chinese investment," said Li Shufu, founder and chairman of Geely.

"The London Taxi expansion will show how we can harness our resources, industrial know-how and technology to produce an environmentally friendly next-generation London Black Cab," Li said.

The plan represents a 10-fold increase on capacity at the company's existing site, which has been home to the London Taxi Co for almost 70 years.

British Prime Minister David Cameron said: "Geely's 250 million pound investment and the creation of up to 1,000 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.

"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," Cameron said.

The investment comes as the London Taxi Co continues the development of its next generation of cabs, which will be ultra-low emission vehicles to comply with new regulations for UK taxis from January 2018.

Geely bought London Taxi Co in 2013.

zhangchunyan@chinadaily.com.cn