(MENAFN) Geely, the Chinese owner of the London Taxi Company (LTC) raised a total of USD400 million for the development of their new plug-in hybrid black cab, based on the latest reports.
The Chinese multinational automotive manufacturing firm secured the amount through a green bond sale, with the proceeds to finance the development of the new generation TX5 black cab.
In more detail, LTC's new model was first revealed back in October 2015, and will be based upon a new aluminum architecture powered by a petrol-electric plug-in hybrid powertrain.
The production plan says that sales are projected to begin in the 4th quarter of 2017, just in time for the Jan-1, 2018 deadline when London will require all new taxis to a zero-emissions capability.
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