The London Electric Vehicle Company (LEVC), known for its iconic London taxis, has received a £120 million capital infusion from its Chinese parent company, Geely. The funds will support the development of LEVC’s SOA (Space Oriented Architecture) electric car platform.
Geely’s investment was made in two phases: £70 million in October and an additional £50 million in May. This financial boost will be directed towards the production of the new L380 electric van, which uses the SOA platform. The L380 has been available in China since late June and is expected to be launched in the UK in the future.
Geely’s involvement with the UK taxi industry began in 2006 through a partnership with the London Taxi Company, LEVC’s predecessor. The Chinese automotive group rescued the company from insolvency in 2013 and subsequently renamed it London Electric Vehicle Company in 2017. This rebranding marked a shift from producing only taxis to focusing on electric vehicles in various formats. The L380 is the first vehicle to emerge from this new direction.
LEVC originally planned to base future models on the TX plug-in hybrid taxi platform introduced in 2017. However, in 2019, the company decided to develop a new SOA platform instead, which now underpins the L380.
Prior to this latest investment, Geely had already invested approximately £500 million in LEVC. Additionally, French bank Natixis contributed £80 million in early 2023, acquiring a 6.45 percent stake in LEVC to strengthen the company’s balance sheet.
