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Chinese auto manufacturer Geely recently announced that it is investing £250 million to build a new R&D and assembly facility for CBI member The London Taxi Company as it prepares to introduce the next-generation electric and ultra-low emission London Black Cab in 2017. Geely’s commitment marks the largest ever greenfield investment in the UK by a Chinese company and will create up to 1,000 new jobs in Coventry.
Commenting on the announcement, the Prime Minister said, “Geely’s £250 million investment and the creation of up to 1000 jobs is great news for Coventry and a vote of confidence in our long-term economic plan to back business, create jobs, and secure the recovery. It means that more hardworking people will have the financial security that a job and regular pay-packet bring and demonstrates that the UK is open for business. The London Black Cab is iconic around the world and I am pleased that the next generation will have a state of the art production facility in the UK”.