London Black Cab Maker Restarts Production After Rescue

The maker of London’s iconic black cabs restarted production today, seven months after Zhejiang Geely Holding Group Co. rescued it from administration.

“The company has once again commenced the building of new TX4 models in its production line,” Geely said in a statement.

Geely, which plans to invest 150 million pounds ($237 million) in the London Taxi Company in the next five years, said today it resumed production following “significant improvements” to the manufacturing plant in Coventry, England.

Geely in February bought Manganese Bronze Holdings Plc for 11.04 million pounds on a debt-free basis. The purchase will help the closely held automaker headed by Li Shufu speed up its expansion following the purchase of Volvo Cars in Sweden.

Geely plans to develop new models to follow the current TX4. The unit has now a total workforce of 170 people and its production line will make about 50 taxis per week, it said.

Before it's here, it's on the Bloomberg Terminal.