New plans revealed by the new Mayor of London state that the Capital will be cutting down on the toxic smog in the City and the owner of the London Taxi Company confirms they have raised $400 million to fund a project that will electrify is ever growing fleet of black cabs.
Zhejiang Geely Holding Group Company managed to raise the funds through a green bond sale. The secured funds will finance the development of the hybrid TX5 which will be a battery powered version of the classic 1958 FX4. The new model was unveiled in October by the Chinese President XI Jinping on a state visit to the UK.
Geely has now moved into their new factory in Coventry, England and have been working on the final prototype of the TX5. The factory is expected to produce 36,000 electric cabs’ a year which exceeds the current figure of 23,000 general cabs. The new model is set for commercial sale in the fourth quarter of 2017 which is in time for the zero-emission cap that will begin in January 2018.