Chinese car manufacturer Geely has bought LTI, makers of the legendary black London cabs, for £11.4 million. This includes  plant, equipment and property, intellectual property rights, trade marks and the "goodwill of the business" as well as Manganese Bronze Holdings (MBH) 48% stake in the joint venture manufacturing company in Shanghai set up by Geely and MBH in 2009 and MBH's stock of unsold vehicles.  MBH is the manufacturer of the cabs.

LTI which is based in Coventry went into administration in October. According to news reports, production of the TX4 cabs will still continue in their Coventry plant. They also have revealed plans to come out with new green cabs in the near future.

There was some good news for the automotive sector in the UK today as Jaguar Land Rover (JLR) announced that they plan to increase their workforce at their plant in Solihull by more than 25%.
For more info read their press release here.

This follows the opening of their new Global Headquarters at the Company's site in Whitley in Coventry last week.

From left: Mr Ravi Kant, Vice President of Tata Motors, Mr Ratan Tata (cutting the tape) Chairman of Tata Sons, and Dr. Ralf Speth, CEO of Jaguar Land Rover (Right).

Tata the Indian owners of Jaguar Land Rover will be investing more than £1.5 billion pounds annually for the next five years.