Chinese automotive giant Geely has deepened its commitment to the UK electric vehicle market with a £120m cash injection into London Electric Vehicle Company (LEVC).
The maker of Volvo and Lotus cars has steadily increased its stake in the Coventry-based firm, which produces the iconic black cab.
A £70m investment in October followed by a further £50m in May will be used to develop a new electric car platform, the Space Oriented Architecture (SOA), which underpins LEVC’s latest model, the L380.
Geely’s relationship with the London taxi industry dates back to 2006.
The company stepped in to rescue the London Taxi Company from administration in 2013, saving over 100 jobs.
Since then, it has invested heavily in the business, including a £90m factory in Ansty Park that created 1,000 jobs.
The latest investment highlights the growing influence of Chinese carmakers in the UK. BYD, another Chinese firm, is reportedly close to securing a contract to build electric double-decker buses, outcompeting British rivals.