Production of the London Taxi Company’s (LTC) iconic TX4 black cab has restarted at its Coventry plant, following significant facility improvements and job creation by new owners, Geely Group.
A £150 million five-year investment strategy has allowed LTC, formerly LTI, to re-open its Coventry facility after entering administration earlier in the year. The increased funding has also helped create an additional 66 engineering and technical jobs at the plant and increase the company’s total workforce to 170.
LTC’s upgraded Coventry plant is capable of building 50 new taxis a week, while improved processes make the TX4 the most advanced London taxi yet. The company also plans to develop new, more efficient models to follow the TX4 and is considering investing in additional production facilities across the UK.
Business Secretary, Vince Cable MP, who was present at the factory’s official re-launch, said, “After a period of worry and uncertainty for the workforce, Geely Group’s investment has secured the future of the iconic black cab company, protecting highly-skilled jobs in the Midlands and ensuring that London cabs continue to be made here in Britain. It is also a clear demonstration of the success of the British car industry, which has gone from strength to strength even during tough economic times.”
Around half of the 2,000 vehicles expected to be built in the first year following LTC’s restart will be destined for overseas markets, with contracts to provide taxis to Saudi Arabia and the United Arab Emirates already in place.
