🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

New electric London taxi set to be exported to Norway

Published 21/12/2017, 13:12
© Reuters. FILE PHOTO: An electric cab belonging to the London Electric Vehicle Company (LEVC) is seen in London
0175
-

LONDON (Reuters) - London's black cab-maker said its new electric taxi will be exported to Norway next year, its second foreign market as the Chinese Geely-owned (HK:0175) firm pursues a major expansion plan.

The London Electric Vehicle Company (LEVC) picked Amsterdam earlier this year as its first overseas destination, where around 225 vehicles will be used as part of a service which transports the elderly and disabled.

LEVC is boosting its volumes as part of a plan which will see it sell roughly half of around 10,000 vehicles abroad by the turn of the decade, including a new van.

It opened a new factory in central England in March, as part of a turnaround for the company which was saved from bankruptcy nearly five years ago by Geely.

Norway has the world's highest rate of battery-vehicle ownership, thanks to generous tax breaks, with taxi firms seeking to electrify their fleets.

The Oslo-based firm Autoindustri will begin receiving deliveries of the model in the first quarter of 2018, LEVC said on Thursday.

© Reuters. FILE PHOTO: An electric cab belonging to the London Electric Vehicle Company (LEVC) is seen in London

"There are huge opportunities ahead for the business in Norway and we are looking forward to working with Autoindustri to make them a reality," said LEVC Chief Executive Chris Gubbey.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.