Zhejiang Geely Holding Group is considering raising funds for the maker of London’s iconic black cabs, people familiar with the matter said, as the Chinese automaker looks to bolster its electric fleet.
Geely may seek about 1 billion pounds ($1.2 billion) from private investors for London Electric Vehicle Company, the people said, asking not to be identified because the matter is not public. The Chinese owner may also explore other strategic options to bolster the production of electric taxis and boost LEVC’s growth, the people said.
Considerations are preliminary and details such as the fund-raising amount and timing could change depending on investor response, the people said. A representative for Geely declined to comment.
Geely acquired the maker of London’s black cabs in 2013, after its parent entered administration, and rebranded it as LEVC in 2017. As part of the plan, Geely invested more than 500 million pounds in a new global headquarters and the UK’s first dedicated EV manufacturing plant, but the unit has not been profitable yet.