STORY: London’s famous black cabs could be headed for a new destination.
The firm that makes them is now owned by Chinese car giant Geely.
And it wants to turn the London Electric Vehicle Company into a major global player.
Right now it’s more of a niche.
LEVC makes the hybrid black cabs, which sell for over $81,000.
Now Geely says it wants to turn the firm into a maker of all-electric vehicles covering a range of passenger and commercial offerings.
An executive said major investments were planned at the firm’s factory in Coventry, in central England.
Geely will also seek to bring in outside investors, and partner with other automakers.
The size of the investment will be disclosed later.
But Geely has form for pouring money into niche UK firms.
In 2021 it launched a multi-billion investment program at Lotus.
The sports car maker plans to massively increase its production, and expand its range into SUVs and sedans.
LEVC will be able to lean on other companies in the Geely portfolio for help.
The firm owns brands including Volvo and EV-only maker Polestar.
Production in China could also be an option.
Right now the firm can build just 3,000 taxis a year.
Very soon, that number could be a whole lot bigger.