Report: Chinese auto maker Geely buys maker of London’s cabbies

Chinese auto maker Geely has just recently confirmed its purchase of the London Taxi Company, which is solely responsible for all of the modern and bespoke black British city taxies often associated with its rich culture.

LTI, who makes the London Taxis, was sold for £11.4 million.

“We have ambitious plans for the business and, despite there being a number of challenges to overcome, we are committed to working with all stakeholders to build a solid future for the black cab business that will enable it to return to profitability and grow substantially,” said Zhejiang Geely Holding Group’s chairman, Li Shufu at the press conference.

The acquisition includes LTI’s plant, equipment, propertly, intellectual property rights, and trademarks.

– By: Chris Chin

Source: BBC