Chinese car manufacturer Zhejiang Geely has just recently confirmed its purchase of the London Taxi Company, which is solely responsible for all the modern and bespoke black British city taxi’s often associated with its rich culture.
London Taxis International (LTI), who makes the London Taxis, was sold for £11.4 million (almost Rs. 95 crore).
“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 and property, intellectual property rights, trademarks and the goodwill (brand image) of the business.