Question 1.3.3 The London Taxi Company In 2013, the producers of the iconic black taxi, London Taxi International (LTI), was sold to China's largest carmaker Geelyfor just £11.4 million ($18.6...

Question

1.3.3 The London Taxi Company

In 2013,

the producers

of

the iconic black taxi, London Taxi

International

(LTI),

was sold

to

China's largest

carmaker

Geelyfor

just

£11.4

million ($18.6 million). LTI went into administration in

October 2012

after 5 years without making any profits, with most

of

its workers

losing their jobs. The

acquisition

safeguarded

production

in the

UK

to

secure the British association with the

London

black taxi

as

a global brand,

although

Geely's

factory

in Shanghai

focuses on building taxis for the left
-
hand drive

market.

In

a

rare move following a takeover,

Gee/y

rehired the

worke
rs

who

were made redundant following

LTl's

successive

losses between

2007

to

2012.LT/was

re
-
branded

to

The London

Taxi

Company

at the

end

of

2010.