China-based car manufacturer Geely made a 250 million pound investment in The London Taxi Company of Coventry for the new TX5 London Taxi project. The TX5 was designed by a studio previously owned by Volvo and has been derived from the FX4 model from 1958.

The TX5 has ticked all the right boxes needed for the London Taxi requirements like the trunk capacity, wheelchair access, face-to-face passenger seating for six people and a small turning radius for easy manoeuvring.   

The new taxi will be powered by a four-cylinder petrol engine in the front with a plug-in hybrid setup. The battery is said to have enough energy to run the TX5 on solely electric power for an extended period. A  50 million pound investment from the overall expenditure has also been made for the brand new factory which will assemble at least 36,000 units per year and will be a platform for 7 upcoming EV's by LTC.

"A London cab has to fit effortlessly into the modern scene; to have an air of authority and trustworthiness. We're confident we have that now," said Geely group's design boss, Peter Horbury.