Free Newsletters - Space News - Defense Alert - Environment Report - Energy Monitor
. 24/7 Space News .




CAR TECH
China's Geely says buys maker of London taxis
by Staff Writers
Shanghai (AFP) Feb 1, 2013


Chinese automaker Geely said Friday it had acquired the maker of London's iconic black taxis for 11.04 million pounds ($17.50 million) after the British company collapsed into administration.

Zhejiang Geely Holding Group, which already owns Sweden's Volvo Cars, will take over all business and core assets of Manganese Bronze Holdings to help its international expansion, it said in a statement.

In 2006, Geely bought a near 20 percent stake in Manganese Bronze, but the Coventry-based company was put into administration -- a form of creditor protection -- due to financial problems in October last year.

Geely chairman Li Shufu pledged to restore the firm's business back to its levels before its difficulties and to continue to produce its latest model, the TX4, at the Coventry plant.

"As a long-term investor who has a commitment to the firm, we have the determination to rebuild the future of the globally renowned and respected brand," Li said in the statement.

"We're very pleased to have completed the acquisition of Manganese Bronze's business," he added.

Matthew Hammond, lead joint administrator at PricewaterhouseCoopers also welcomed the deal, which he said followed an extensive search for a buyer.

"I am delighted to announce the completion of this deal which secures a future for the Coventry based manufacturer of the iconic Black Cab. It is great news for London Black cab drivers and operators," he said in a statement.

Geely, one of China's largest private automakers, said last month that its domestic sales rose 15 percent annually to 483,000 vehicles in 2012.

It targeted 16 percent annual growth in sales this year to 560,000 vehicles.

China's overall auto sales rose just 4.3 percent year-on-year in 2012 to 19.31 million vehicles, up from 2.5 percent growth in 2011, when 18.51 million units were sold.

.


Related Links
Car Technology at SpaceMart.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News





CAR TECH
Smooth ride at 300 kph
Paris (ESA) Feb 01, 2013
Serious shocks need serious shock absorption, in space as well as on the ground. Now high-performance racing cars are driving more smoothly on space-ready rubber from ESA spacecraft. Toulon-based French company SMAC specialises in finely tuned rubber formulations that cushion sensitive machinery everywhere, from space to the racetrack. "They're very high-damping materials," says CEO ... read more


CAR TECH
US, Europe team up for moon fly-by

Russia to Launch Lunar Mission in 2015

US, Europe team up for moon fly-by

Mission would drag asteroid to the moon

CAR TECH
AAS Division For Planetary Sciences Issues Statement On Mars 2020 Program

Curiosity Maneuver Prepares for Drilling

Ridges on Mars suggest ancient flowing water

Changes on Mars Caused by Seasonal Thawing of CO2

CAR TECH
Sierra Nevada Corporation and Lockheed Martin Space Systems Company Partner On Dream Chaser Programs

NASA Launches Next-Gen Communications Satellite

NASA Takes Strides Forward to Launch Americans from U.S. Soil

Iran Takes First Step to Send Man to Space

CAR TECH
Reshuffle for Tiangong

China to launch 20 spacecrafts in 2013

Mr Xi in Space

China plans manned space launch in 2013: state media

CAR TECH
NASA to Send Inflatable Pod to International Space Station

ISS to get inflatable module

ESA workhorse to power NASA's Orion spacecraft

Competition Hopes To Fine Tune ISS Solar Array Shadowing

CAR TECH
Site of space rocket launch to become home of S. Korea's space program

Payload preps continue for first Ariane 5 flights of 2013

NASA Wallops Rocket Mission January 29 Prepping for Future Projects

Russia's Troubled Rocket Cleared for Launch

CAR TECH
TW Hydrae: There's more to astronomers' favorite planetary nursery than previously thought

The Origin And Maintenance Of A Retrograde Exoplanet

New Evidence Indicates Auroras Occur Outside Our Solar System

Glitch has space telescope shut down

CAR TECH
NTU research embraces laser and sparks cool affair

Bioinspired fibers change color when stretched

Stanford Researchers Break Million-core Supercomputer Barrier

Scientists trick iron-eating bacteria into breathing electrons instead




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement