London Taxis to be Produced in China by Geely

Manganese Bronze Holdings Plc is pleased to announce that it has signed Heads of Terms with Chinese car manufacturer Zhejiang Geely Holding Group Co. Ltd. (“Geely”) to establish a joint venture company to produce the iconic London black taxi in Shanghai.

Manganese Bronze has been pursuing a strategy of controlled international expansion following the divestiture of its loss making components division. The group has been seeking a manufacturing partner in China in order to develop a low cost manufacturing facility and to gain access to a country with a growing vehicle market. Following extensive talks, Geely stood out as one of the most respected automobile companies in China and the prime partner for a joint venture.

Geely entered automobile manufacturing in 1996 and has rapidly grown as the key brand for low cost vehicles in China. It now has an annual production capacity of 250,000 vehicles, 200,000 engines and 150,000 gearboxes from four separate manufacturing bases. This capacity is growing rapidly as Geely meets customer demand for its vehicles which has grown in excess of 50% in the last six months. Geely have a wide and impressive range of vehicles which are manufactured in some of the most modern automobile manufacturing facilities in China.



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