London taxi maker switching to electric transports R&D

LEVC, a British company known for designing the iconic London taxi cabs, will be receiving major investment from Geely that it will use to design and produce all-electric vehicles – both light and commercial.

The investment amount and planned model lineup remain secret. Both Geely and LEVC have officially confirmed the news, however, saying they have a clear development strategy going forward.

The project will also involve third parties willing to act as investors and suppliers. Even so, Geely pledges to cover the vast majority of the project’s technological and material needs from its own resources – at least, for the time being.

As of today, LEVC is operating at an annual production rate of 3,000 taxi cabs per year, a small fraction of its factory’s nominal capacity of 20,000 vehicles per year. The spare capacities may make it easier for the company to expand its operation as it goes electric.