Zhejiang Geely to invest £100 million in cab maker Manganese Bronze

Article by Anita Panait, on February 28, 2013

Zhejiang Geely Holding Group Co. plans to invest £100 million (EUR115.8 million) in Manganese Bronze Holdings in the next five years as part of plans to make the London black cab maker profitable. The investment plan, announced by Zhejiang Geely chairman Li Shufu, entails Manganese Bronze exporting its black cabs to other countries, according to company spokesman Victor Yang.

The Chinese carmaker announced on Feb. 1, 2013 that it agreed to acquire Manganese Bronze for £11.04 million on a debt-free basis. Manganese Bronze entered administration in 2012. The acquisition of Manganese Bronze will help Zhejiang Geely expedite its expansion after its purchase of Volvo Car Corp. in Sweden.

Yang told Bloomberg in a phone interview that they now target Manganese Bronze to become profitable in a year instead of three years, as the black cab maker targets more buyers outside the United Kingdom.

Manganese Bronze sold 200 cabs each to Australia and Saudi Arabia, Yang said. Manganese Bronze will also sell its cabs in China. Around 500 Manganese Bronze cabs are plying the streets of Chinese cities like Beijing, Guangzhou and Ningbo. Manganese Bronze has said that it will still produce its cabs at its Coventry site in England.

Topics: geely, investment

If you liked the article, share on:

Comments

Recommended

Polestar is notably known to be Volvo's internal performance specialists, and around last year Polestar revealed to the public that it will utilize electrification to further advance the power of...
by - June 26, 2017
Earlier this month, Porsche introduced to us the 911 Turbo S Exclusive Series. The car wore a Golden Yellow Metallic paint. The same time it was launched, the company said...
by - June 26, 2017
Last month, the Lamborghini Centenario made its way to the Transformers: The Last Knight premiere where it got the attention of many. Following that event, three Lamborghini Centenario coupes landed...
by - June 26, 2017
The Holy Trinity of hypercars may not be accessible anymore after being discontinued, but that doesn’t mean we won’t see any more hypercars in the future. What we know is...
by - June 26, 2017
Kia is taking things a step further with the new Kia Stinger, which they first introduced at the 2017 Detroit Auto Show. With the specs given to us by the...
by - June 25, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries