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Geely invests 140 million euros in LEVC and SOA platform

As reported by the "Times," the Chinese parent company of the manufacturer of the iconic Black Cabs, the London Electric Vehicle Company (LEVC), has provided a capital injection of 120 million pounds.

More tailwind from China: Parent company Geely is making significant investments in the London taxi manufacturer LEVC from Coventry. | Photo: LEVC
More tailwind from China: Parent company Geely is making significant investments in the London taxi manufacturer LEVC from Coventry. | Photo: LEVC
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The money, which according to the company was paid in two tranches, is to flow into the electric platform SOA (Space Oriented Architecture). Last October, the Chinese automobile group paid 70 million pounds to its subsidiary based in Coventry, followed by another 50 million pounds in May. The SOA platform (Space Oriented Architecture), developed in research and development centers in the UK, Europe, and China, forms the basis for LEVC's new electric van L380, which has been available in China since the end of June and is also expected to be sold in the UK in the future.

Savior from China

Geely already joined the London Taxi Company, the predecessor of LEVC, as a partner in 2006. In 2013, Geely, which also includes Lotus and Volvo, saved the London Taxi Company from insolvency. In 2015, Geely announced the construction of a new factory near Coventry and aimed to create 1,000 jobs there. In 2017, the company was renamed to London Electric Vehicle Company (LEVC). According to Geely, the new name clearly indicates that the British company no longer only manufactures taxis but aims to focus on electric cars of various formats. The new electric van L380 is the first result of this reorientation.

Originally, LEVC wanted to develop further vehicles based on the platform of the plug-in hybrid taxi TX introduced in 2017. But in 2019, LEVC abandoned plans to use its platform as the basis for new models. The new SOA platform was developed, which now forms the basis of the L380.

French Bank is also involved

The British "Times" estimates that Geely had already put an estimated 500 million pounds (about 580 million euros) into the company before the recent financial injections. The French bank Natixis invested a total of 80 million pounds (about 93 million euros) at the beginning of 2023 to support LEVC's balance sheet and acquired a 6.45 percent stake in return.

Translated automatically from German.
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