Icon of British transport to be produced in China
The largest maker of the quintessential British black taxi announced on Monday that it planned to make the distinctive purpose-built vehicle in China.
The company, Manganese Bronze Holdings, said it had signed a preliminary agreement with the state-owned China National Bluestar Group and the Chinese authorities to start a joint venture company to manufacture the cabs.
"I am delighted that we have reached this significant milestone," said Ian Pickering, chief executive of Manganese Bronze, which owns London Taxis International, the company responsible for making the renowned vehicle in Britain. "We are implementing our strategy of growing the group's business outside its traditional home market."
"Bluestar has a proven track record of growing new businesses, which, together with the support of the Lanzhou Municipal People's government, will be central to making a success of the proposed joint venture," he said.
Lanzhou is the capital of Gansu Province, a major transport and industrial center on the Yellow River and a major communication hub for the north west region of China with a population of 3.1 million. Bluestar has its headquarters in Beijing.
LTI makes taxis at its plant in Coventry, in central England, where an average of 2,500 cabs roll off the assembly line every year.
The company and its smaller rival Metrocab have exported taxis over the years to more than 30 countries, including South Africa, Russia and Japan, where black cabs are popular.
With sales dipping at home, LTI is looking to expand production abroad.
Chicago's Yellow Cab, which runs one of the biggest taxi fleets in the United States, recently took delivery of 26 of its cabs, while others are headed to operators in California, Florida and Canada.
The bulk of production has stayed in Britain, however, most visibly in London where only LTI and Metrocab vehicles - which typically sell for about £30,000, or $55,740.
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Now if LTI spent enough time looking after the UK punters, then this Chiness venture would be a bonus, not a life saver.