Geely Group Restarts Production of Iconic London Taxi

            Geely Group Restarts Production of Iconic London Taxi

  PR Newswire

  COVENTRY, United Kingdom, Sept. 12, 2013

COVENTRY, United Kingdom, Sept. 12, 2013 /PRNewswire/ -- The London Taxi
Company today restarted production of the famous black cab, six months after
the business was rescued by Geely Group of China.

(Photo: http://photos.prnewswire.com/prnh/20130912/CN78631 )

Following a significant improvements to LTC's manufacturing facilities in
Coventry and the creation of around 65 new jobs, the company has once again
commenced the building of new TX4 models on its production line. Geely Group
Chairman Li Shufu and Business Secretary Vince Cable were present to
officially start production.

Chairman Li said: "Today is a milestone in the history of the London Taxi
Company, but it marks just the beginning of what we believe will be a strong
and prosperous future. We are pleased to have created dozens of new jobs, and
have already begun work on the planning and design of the next generation of
this iconic vehicle. Thanks to the work of everyone here and everyone that has
supported us, LTC has an exciting future ahead of it."

Mr Cable said: "After a period of worry and uncertainty for the workforce,
Geely Group's investment has secured the future of the iconic black cabs
company, protecting highly skilled jobs in the Midlands and ensuring that
London cabs continue to be made here in Britain. It is also a clear
demonstration of the success of the British car industry which has stayed
strong even during tough economic times."

Since Geely Group acquired the company in February 2013, the company has
cleared the inventory of vehicles that remained following the closure of the
production facilities in 2012.

Once fully up and running, the production line will complete around 10 new
taxis a day, five days a week, and the vehicles will be the most sophisticated
produced by LTC with additional quality improvements.

Following the investment by Geely Group, LTC has created an additional 65
engineering and technical jobs in Coventry and has also expanded its London
operations with the recruitment of new sales people. This has increased the
total workforce to just under 170.

As part of a 150m pound five-year investment plan, Geely Group is continuing
to examine the future needs of the London taxi market, with a view to
developing new models to follow the current TX4, improving the energy
efficiency and environmental footprint of the traditional London cab.

Contact: Zhejiang Geely Holding Group, Victor
Young,+86571-87766209,victor@geely.com, Brunswick Group, Yue Qiaoning
Yu,+8610-59608611,GEELYCHINA@brunswickgroup.com