Friday, February 01, 2013

London Taxi taken over by the Chinese

Chinese car manufacturer Geely has bought LTI, makers of the legendary black London cabs, for £11.4 million. This includes  plant, equipment and property, intellectual property rights, trade marks and the "goodwill of the business" as well as Manganese Bronze Holdings (MBH) 48% stake in the joint venture manufacturing company in Shanghai set up by Geely and MBH in 2009 and MBH's stock of unsold vehicles.  MBH is the manufacturer of the cabs.

LTI which is based in Coventry went into administration in October. According to news reports, production of the TX4 cabs will still continue in their Coventry plant. They also have revealed plans to come out with new green cabs in the near future.

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