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Chinese-owned London taxi firm raises 400 mln USD for zero-emission cabs

Xinhua, May 20, 2016 Adjust font size:

China-based Zhejiang Geely Holding Group, announced Friday it had raised 400 million U.S. dollars through its British-based subsidiary, the London Taxi Company, to develop zero-emission London-style taxi cabs.

The London Taxi Company said on its website Friday it was the Chinese auto industry's first ever offshore green bond issuance.

The proceeds of the bond will be used to design, develop and produce the TX5 taxi, a model unveiled in October 2015.

The London Taxi Company plans to launch the vehicle in Britain in 2017, with a factory in the Midlands region gearing up to produce 36,000 cars a year.

Peter Johansen, London Taxi Company's CEO, said: "I believe the issuance of the green bond will further enhance our competitive edge in new energy technologies."

"Our next generation of zero-emission vehicles, the TX5, will be sold across the world, creating an environmentally-friendly transportation system."

Yifan Li, chief financial officer of Geely, added: "The issuance of the green bond is in line with our corporate vision to produce the safest, most environmentally friendly and most energy-efficient vehicles."

The Bank of China provided a standby letter of credit for the green bond. Joint global coordinators for the fund-raising included Bank of China, Bank of America Merrill Lynch, Barclays, and Societe Generale. Deloitte provided independent limited assurance.

The new vehicles will be powered by zero-emission electric motors to meet changing 'green' rules being introduced in London in 2018.

The first taxis will hit the road in 2017, just ahead of the new ultra-low emission rules coming into force to control vehicles operating within Britain's capital.

The new plant in Britain's auto region in the Midlands will initially employ 550 staff, rising over the following few years to over 1,000, with hundreds more jobs created in the component supply chain. Endit