London is known for its black taxis, but its success has required collaboration.
In 2013 Chinese auto firm Geely rescued the London Taxi Company from administration, invested a billion dollars and turned it once again into a successful company.
CGTN’s Ray Addison has the full report
In 2013 Chinese auto firm Geely rescued the London Taxi Company from administration, invested a billion dollars and turned it once again into a successful company.
CGTN’s Ray Addison has the full report
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NewsTranscript
00:00The London Taxi, a British cultural icon which has lasted the test of time, but success has required collaboration.
00:08In 2013, Chinese auto firm Geely rescued the London Taxi Company from administration
00:14and invested a billion dollars into this state-of-the-art factory in Coventry,
00:19changing its name to the London Electric Vehicle Company and manufacturing a new hybrid London Taxi.
00:26Hybrid in more ways than one.
00:28The cooperation between UK government, China government, Geely investment, UK operations is hugely significant.
00:36These things have a lot of moving parts to them.
00:38What has been delivered through LEVC is a huge success around the UK skill base in advanced engineering,
00:46manufacturing design to deliver new technology with China funding, China resource and China technology.
00:53What's happening in Coventry is an example of the type of collaboration which could help to grow the UK's troubled economy.
01:00With the latest data from the Office for National Statistics showing UK gross domestic product flatlining
01:07and British manufacturing in decline with a fall in production output of 0.4%.
01:13The UK finance minister's trip to China aims to forge closer economic links with Beijing as part of its quest for growth.
01:21Rachel Reeves is expected to focus on further investment from China.
01:26Cooperation on electric vehicles and renewable energy technology could be a key opportunity.
01:32The Chancellor's visit is hugely significant for businesses like ours.
01:36I think for me it sets a statement of collaboration and growth within not just the economic
01:41but the technological landscape that we want to see grow between us.
01:45If Rachel Reeves' trip to China is a success we could see many more factories such as this one.
01:50The first automotive manufacturing facility dedicated to EVs set up in the UK.
01:56In turn creating thousands of jobs and boosting Britain's struggling economy.
02:01Ray Addison, CGTN.