Chinese electric automaker Geely announced plans to invest in turning the renowned London Electric Vehicle Company (LEVC) into an electric vehicle powerhouse.
Company execs told Reuters that Geely intends to develop LEVC into a high-volume, all-electric brand with various commercial and passenger vehicles.
The companies will encourage further investors to the proposed zero-emission line-up and partnerships with other automakers to invent new technologies.
LEVC’s Taxi
London Electric Vehicle Company (LEVC) is headquartered in Coventry, central England. It produces a hybrid taxi model with a base price of about 66,000 pounds ($81,500).
The hybrid taxi is equipped with a battery that offers a range of 64 miles (103 km). The vehicle’s combustion engine can extend the range by over 300 miles.
Unfortunately, the taxi maker was adversely affected by the COVID-19 pandemic, pushing it to lay off 140 employees last October.
How will it benefit LEVC?
London’s classic black taxi maker LEVC seeks to expand its services, which Geely’s investment will aid.
“We need a developed product portfolio. We need to make big investments in terms of the technology and infrastructure. Geely will make consistent investments into LEVC because this is a very unique project.”
LEVC CEO Alex Nan
Geely has yet to announce the official amount of its investment in this project. However, it must be noted that it has already acquired the LEVC and spent 500 million pounds in 2013.
“Geely fully supports the new transition strategy laid out by LEVC’s board and executive team.”
Geely
It must also be noted that Geely has numerous brands, including Volvo, Polestar, Zeekr, and several others.
LEVC CEO Alex Nan previously said that the brand explores a range of electric models on a common platform. Essentially, the brand can rely on the group brands that already offer EVs. It will allow LEVC to “move forward in a fast, agile way.”
In fact, it already utilizes a Volvo-designed infotainment system, software, and steering wheel, effectively cutting production costs.
“There’s nothing we couldn’t deliver in a very short time period if we needed to, but it’s just a question of timing. But in two years time, is the industry going to be ready, is the charging infrastructure going to be there, is consumer confidence going to be there?”
LEVC CEO Alex Nan
Notably, LEVC has a production rate of 3,000 taxis a year on one shift at its Coventry factory. According to LEVC CEO Alex Nan, the factory has space to grow and could raise that number to 20,000 smoothly.
“There’s a huge amount of value in our product that hasn’t ever really been maximized. This is about growing LEVC into a much more recognizable brand on a global scale and expanding our product offering into as many spaces as we can.”
LEVC CEO Alex Nan
LEVC can also expand production in China as Lotus, a Geely-supported British brand, did. Geely’s sizeable investment will undoubtedly help LEVC reach its expansion goals. It would be interesting to see how this brand performed in the electric vehicle industry.
