London taxi manufacturers saved by Chinese company

Taxi-makes Manganese Bronze have been rescued by Chinese automakers Geely in a deal worth £11m.

Thanks to the deal, announced today, 100 jobs have been saved and the taxi-makers will be able to resume construction of the iconic London taxi.

The rescue was welcomed by London Mayor Boris Johnson

He said: “I am delighted that Geely has successfully secured the future of the London Taxi Company, ensuring the continuing manufacture of a world famous, fully accessible and instantly recognisable vehicle synonymous with London.”

The taxi makers went into administration last year, after they were forced to recall 500 cabs due to possible faults. The move compounded years of poor results, which pushed the company over the edge. Geely were previously a part shareholder in Manganese Bronze.

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