UK: Supplier steps in to save London black cab maker
Britain’s iconic black cab maker could be rescued within weeks.
Manganese Bronze, the company which makes the TX4 cabs, went into administration when it was hit by an expensive recall following problems with steering boxes supplied from China.
PricewaterhouseCoopers, the company's administrators said a British supplier would now fix the problem allowing some 400 vehicles back onto the road.
Manganese Bronze is owned 20% by Geely, the Chinese car company that introduced the cab maker to the original steering box supplier. The massive recall was the final blow for a company already in financial difficulty having run into problems with a new IT system.
Four years ago, it was forced to recall 5,400 cabs after some of them caught fire and the company has failed to make a profit since 2007.
PricewaterhouseCoopers had been looking for a solution to the steering defect since taking control of the company last month. It said the new steering boxes will start to be fitted this week.
Geely refused to provide Manganese with US$23m rescue financing and the administrators were called in, putting 300 jobs at risk.
The new steering box will also be fitted to 500 unsold vehicles so they can be released to the market early next year.
Quarterly/fiscal full year results continued to roll in this week with a healthy uptick at Suzuki in 2012/3, the latest Japanese automaker to finally shrug off the combined effects of the double whamm...
This QUBE report from just-auto provides a comprehensive overview of the global automotive steering systems sector, major suppliers, top 14 markets, technology trends and market size forecasts. Use th...
Geely Group's Volvo Cars is ramping up production of its V60 plug-in diesel hybrid by 90% to cope with strong demand across Europe, particularly in Holland, Belgium and Italy....
Geely's Volvo Car Group today (Monday 13 May, 2013) began production of a new family of four cylinder petrol and diesel engines at its revamped Skövde engine plant....
Detroit Electric, the start-up electric car maker is to partner with China's Geely Automobile to develop EVs for the Chinese market....
Details of concepts and new models which made their global debuts on Saturday 20 April at Auto Shanghai's media preview day....
Volvo will likely report a big operating loss in China for 2012 as slow sales and a costly new factory weighed on results, Swedish daily Svenska Dagbladet reported....
Geely's Volvo is looking to increase its presence by introducing new models and increasing its sales network in India....
- What does 'Brexit' mean for the auto sector?
- Toyota finally makes an economical Prius
- Active suspension systems - briefing
- VW's amazing new 1.0-litre Golf engine - Analysis
- And so Brexit begins - The Week That Was
- Ex-VW CEO Winterkorn under investigation
- Fuel economy scandal pushes MMC deep into red
- NEVS drops Saab as it establishes identity
- Goodwood FoS world premieres - the list (updated)
- Kuga expands posh Ford Vignale line in Europe