| CATEGORY: NEWS AND ANNOUNCEMENTS SECTOR: INDUSTRIAL ENGINEERING |
Manganese Bronze to launch electric London taxis |
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Tue 22 Apr 2008
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LONDON (SHARECAST) - Manganese Bronze, one of the main manufacturers of London black cabs, has signed an agreement with electric vehicle maker Tanfield to make battery powered taxis that should hit the streets by mid 2009.
The new taxi, which is designed for use in congested areas, will be based on Manganese Bronze's TX4 black cab. While the electric taxis will at first cost more to make than the diesel vehicles, they will be cheaper to run at less than 4p a mile, Manganese said.
“We are very pleased to have signed this agreement to produce a zero emission London black taxi,” chief executive John Russell said.
“Manganese Bronze is committed to playing a leading role in tackling emissions and the TX4E is an exciting new development that gives us first mover advantage in an expanding global marketplace.”
News of the deal did little to prevent a slide in Tanfield’s share price after a three-fold rise in full-year profits failed to impress the market.
Pre-tax profit for continuing operations rose to £12.4m for the year ending 31 December from £3.7m last time, though that was below expectations, while turnover increased 201% to £123m. There was also a loss in the year for discontinued operations of £1.5m.
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