Taxi maker Manganese Bronze in bailout talks with Geely - paper
A London taxi crosses Waterloo Bridge in London July 29, 2009.
Credit: Reuters/Stephen Hird/Files
LONDON |
LONDON (Reuters) - Executives from Chinese car maker Geely Automobile Holdings Ltd will fly into Britain on Monday for emergency talks that may lead to a bailout of London black taxi maker Manganese Bronze Holdings Plc, the Sunday Times reported.
The British newspaper said on Sunday without citing sources that Manganese Bronze was expected to discuss a cash injection with Geely as the maker of London's famous black cabs had no income stream for the foreseeable future.
Geely owns a 20 percent stake in Manganese Bronze, which suspended trading in its shares on Friday and said its financial position was unclear after it discovered a safety defect in its new TX4 model that led to a recall and halt in sales.
Neither Geely or Manganese Bronze was available for comment.
(Reporting by Brenda Goh; Editing by Louise Heavens)
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What is the point in paying £34,000 for a cab when other cabs can be bought for around £20,000 that are much better on fuel and have much more room for the drivers and passengers.
London drivers only have two choices this heap or a Mercedes Vito, all because TFL wont let drivers buy the more modern cabs available to the rest of the world, all because of an out of date turning circle requirement, come on TFL wake up and smell the coffee
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