Chinese company Geely plans to make extensive investments in the company behind the classic British taxicabs. The idea is for the cars to become fully electric in the future and for the company to become a player with high sales volumes, reports Reuters.
London Electric Vehicle Company, LEVC, will also broaden its service offering.
”We need a developed product portfolio. We must make major investments in technology and infrastructure,” LEVC CEO Alex Nan tells Reuters.
The company is headquartered in Coventry, central England.
”Geely will make consistent investments in LEVC as this is a very unique project”, he continues.
LEVC has been hard hit by the downturn caused by the pandemic, and the company made a total of 140 redundancies in October. Geely will also aim to bring in other investors into the company.
The exact size of the investments will be announced by the parties later. Geely has so far invested half a billion pounds in the taxi company since taking over in 2013.
Source: FinWire-DI.SE
