London Black Cabs Raise $400 Million for Taxi Fleets
- Geely’s green bond to fund zero-emission capable cabs
- Company set to move to Coventry factory and make prototype TX5
Passengers prepare to board a black London cab outside Waterloo train station.
Photographer: Simon Dawson/BloombergThis article is for subscribers only.
Just days after London’s new mayor revealed plans to clamp down on the city’s toxic smog, the Chinese owner of the London Taxi Co. raised $400 million for a project to electrify its fleet of iconic black cabs.
Zhejiang Geely Holding Group Co., owner of the company that makes London’s iconic black cabs, secured $400 million through a green bond sale. The proceeds will finance the development of the TX5, a hybrid battery-powered version of the classic 1958 FX4, unveiled in October during a state visit to Britain by Chinese President Xi Jinping.