UK: Chinese step in to secure London cab future
The future of Manganese Bronze, the company that makes the iconic London Taxi Cab has been secured with the announcement that it has been acquired by major shareholder Geely, the Chinese carmaker.
Geely owned a 20% stake in the firm before it collapsed into administration last October, following a recall of 500 cabs due to a steering box fault, which came on top of mounting losses at the group.
The deal, brokered by PwC, involves the acquisition of the principal assets and trade of Coventry based London Taxi Company by Geely UK Limited, a newly-created subsidiary of the Geely parent company, Zhejiang Geely Holding Group.
It includes the company head office and production and assembly plant in Coventry, the Mann & Overton dealership in London and all related dealership assets including those in Manchester and Edinburgh.
Most importantly the London Taxi Company's stock of new and unregistered, vehicles together with the entire fleet of used and demonstrator vehicles, are also part of the deal with Geely UK.
Manganese and Geely signed a joint venture agreement in 2006 and own a factory in Shanghai that produces the taxis [mainly in LHD] for international markets. The company was already in some financial difficulty before the latest problem emerged.
Sales have been in decline - the Coventry-based firm sold 1,502 taxis in the UK last year, compared with 1,653 in 2010, a fall of 9.1%.
LMC Automotive's service provides customers with the very latest monthly estimates of passenger car production across all of Europe. Updated monthly and provided model-by-model, and available only via...
Geely has agreed to set up a joint venture in Belarus to assemble cars with an eye to eventually export some output to Russia, the company said....
Geely's Volvo Car Group is claiming world firsts for animal and night pedestrian detection technology due to make its debut in the redesigned XC90 crossover due out at the end of 2014....
Sales at Geely's Volvo Car Group fell 2.6% year on year in June to 40,939 units with year to date volume off 5.5% to 209,118....
Chery Automobile has divided its models into four series, Arrizo, Fulwin, QQ and Tiggo, as part of a brand reorganisation....
Geely's Volvo Cars has named Hans Oscarsson CFO from 1 August. He is currently deputy CFO and operation controller and replaces Jan Gurander who is leaving the automaker....
- ANALYSIS: VW Group - success and succession
- ANALYSIS: Depressed Thai market forces rethink
- THE WEEK THAT WAS: Chinese scoop up Pirelli
- Q&A with Victrex
- ANALYSIS: UK supplier industry perks up
- Jaguar unveils second generation XF in London
- Jaguar Land Rover announces Whitley R&D expansion
- New York show debuts: Scion iA added
- EU 2021 CO2 targets will be difficult for premiums
- Tata's Jaguar Land Rover announces GBP 600m spend