The maker of London’s black cabs, the London Electric Vehicle Company (LEVC), is reportedly set to receive significant new investment from its Chinese owner Geely.
After The guard, LEVC executives told Reuters that the company would become a high-volume, all-electric brand with a range of commercial and passenger vehicles. It is currently making a hybrid vehicle with a 64-mile battery range and a gasoline range extender — a small internal combustion engine that recharges the battery.
Alex Nan, LEVC’s Chief Executive said, “We need a mature product portfolio. We need to make big investments in technology and infrastructure. Geely will consistently invest in LEVC as this is a very unique project.”
The guard noted that LEVC-HDS have struggled in recent years. In October, she cut 140 jobs, blaming the pandemic, disruption to supply chains and “significant global economic challenges.”
“Geely fully supports the new transition strategy outlined by LEVC’s board and leadership team,” Geely said in a statement quoted by the newspaper.
LEVC currently has the capacity to build 3,000 taxis per year in a single shift at its Coventry factory. Another LEVC executive could easily be increased to 20,000 and the plant would have room for expansion, Reuters reported.
