Geely to invest $372m on new London Taxi facility

Zhejiang Geely Holding Group Co Ltd will invest 250 million pounds ($372 million) to build a new facility for the London Taxi Company in Coventry, United Kingdom, the Chinese company said on Thursday.

The 85,000-square-meter site, which is close to the company's existing factory, will house all of the company's research, development and assembly operations.

Up to 1,000 new jobs will be created through the investment in the site, which will eventually have the capacity to assemble up to 36,000 vehicles a year.