Geely will spend GBP250m (US$370.8m) to build a new research, development and assembly facility for the London taxi as the group prepares for the introduction of the next generation London ‘black cab’.
The funds will be used to build a new facility in the Ansty area of Coventry, close to London Taxi’s existing factory. The 85,000 sq m site will house all of the company’s research, development and assembly operations.
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Up to 1,000 new jobs will be created through the investment on the site which will eventually have the capacity to assemble up to 36,000 vehicles a year. This is a 10-fold increase on capacity at the company’s existing site in Holyhead Road, Coventry, its home for almost 70 years.
Geely said its commitment 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 automakere continues the development of its next generation London cab which will be an ultra-low emissions vehicle to comply with new regulations being introduced 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 in international markets in 2018.
Geely bought London Taxis out of administration in 2013 and has since restarted production and funded the development of the successor to the current TX4 taxi.
