London Electric Vehicle Company (LEVC), the black cab maker owned by Chinese car maker Geely, has announced pans to become a “zero carbon mobility company”, by branching out from taxi manufacturing.
“We will build on LEVC’s unrivalled heritage and grow beyond high-end taxi manufacturing, delivering smart, green, safe and accessible mobility to more customers,” said Alex Nan, chief executive officer of LEVC, said in a statement.
The British automotive company plans to make all-electric vehicles for both commercial and passenger use, a report by Reuters revealed.
Formerly called the London Taxi Corporation, the company introduced its electronic taxi “TX” in 2018 – 110 years after its first black cab was commissioned.
The company changed to its new name in 2017, along with a new logo, hoping to “signal global ambitions”.
Geely will add to the £500mln it has invested in LEVC, with the amount of additional funds yet to be revealed.
The China-based company invested £2bln in British sports car manufacturer Lotus in 2021 and owns brands like Volvo and Zeekr.
LEVC could bring a full range of electric vehicles to the road within five years, managing director Chris Allen revealed to Reuters, but said “it's just a question of timing…in two years is the industry going to be ready?”
Currently producing 3,000 taxis per year at its Coventry factory, Allen believes production could increase to 20,000 as well as outsource manufacturing to China.
Alex Nan added: “Watch this space in 2023, as we are targeting a 20% year-on-year sales increase, and more details on LEVC’s strategy will be revealed in the first quarter.”