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Geely to spend 1.5 billion yuan to develop new cab models in Britain

27/12/2013 | 2013-12-25 10:52:49image

This year Geely Group spent £11.04 million acquiring 100 percent of Manganese Bronze Holdings’ stakes. And Geely has made a sound plan for Manganese Bronze’s future development. Internet Info Agency, the first Internet service dedicating to provide a full range of technical and content support for network media in China, learned from official channels that Geely is funding 1.5 billion yuan (around £150 million) for energy-efficient cabs development. For the impending models, Li Shufu, Chairman of Geely Holding Group, said in an interview: "we are developing new energy vehicles, and trying to achieve zero pollution and zero emission, at the same time London taxi will make use of Geely’s global resources to gain development".

Manganese Bronze closed down all its production line in 2012, and it put its taxi department back on production this September after Geely’s acquisition. Recently Director of Operations in Manganese Bronze Paul Woolley said:

"For the next five years we are going to develop three brand-new products, TX4 barrier-free models, new minicabs directing at the private rental market and new TX5." TX4 barrier-free model is an improved model designed for the disabled based on the existing TX4, the minicab is a model tailored to the private rental market, and the upgraded model TX5 is scheduled to hit the market in 2018.

Related investment plans have been made public in the wake of British Prime Minister David Cameron’s official visit to China, under which Geely plans to invest 1.5 billion yuan in developing British classic taxi TX4 in the next five years. "We will explore global taxi market by utilizing Geely’s overseas market channels, and we aim at revitalizing London Taxi Company in two years." revealed Chairman Li in a recent interview. The forthcoming taxi models include hybrid and electric vehicles, both of which will further diversify Manganese Bronze’s product line.

Geely has purchased Volvo Cars before its acquisition of Manganese Bronze, and currently the two sides are cooperating in the field of technology. With the birth of the new technology developed from its cooperation with Volvo, Geely’s global market resources will be also applied to the development of Manganese Bronze. Chairman Li said:

"Technologies jointly developed by Geely and Volvo can be integrated into Manganese Bronze and its new products. And we can expect a promising future if we fit London Taxi Company into Geely’s broad framework."

After the successful acquisition of Manganese Bronze, Geely has made gradual progress in sorting out the product line of the classic British taxi, and set global development as its goal of future development. Meanwhile the classic brand image of the taxi produced by Manganese Bronze has struck deep roots in the hearts of the people, which will help gain brand visibility, and it will be also of much help to Geely who has always devoted itself to overseas market development over recent years.

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