Manufacturing News

Geely raises 2.6 billion yuan to produce EVs for London Taxi

Zhejiang Geely Holding Group Co. has raised $400 million (2.6 billion yuan) from bonds issued on the international market for the electric vehicle development project of its U.K. subsidiary London Taxi Co.

The five-year bonds carry a fixed interest rate of 2.75 percent per year, Geely said last week.

Proceeds from the bond issuance will finance the design, development and production of an electric version of its black taxicab, the TX5.

The TX5, unveiled in October in London, will be launched in the United Kingdom in late 2017. It will hit other markets in 2018.

London Taxi will produce the TX5 at its new plant in Ansty, England. Last year, Geely said it would invest 50 million British pounds (475 million yuan) to build an r&d center at the plant.

The Ansty site can produce up to 36,000 vehicles a year, 10 times the annual production capacity of London Taxi's existing plant in Coventry, England. The Coventry factory now builds the TX4 taxi.

London Taxi is working on several concept models for EVs including light commercial vehicles, said Geely, without disclosing further information on these models.

Geely acquired London Taxi in 2013 after obtaining a stake in the company in 2006.

Geely, a private carmaker headquartered in the east China city of Hangzhou, also owns Volvo Car Corp.

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