Manganese Bronze Holdings to be made redundant with immediate effect, out of the company's then total of 274 employees in the country, with the losses spread across its manufacturing facility, head office and dealerships. In January 2013, it was reported that Geely was in negotiations to buy the remaining shares of the company from PwC to save the business. A press statement in February 2013 announced that an agreement had been reached for Geely to purchase the remainder of the London Taxi Company's assets, manufacturing rights, unsold stock and dealerships. Geely set up a new company, The London Taxi Corporation Ltd. under its
Production vehicle Production vehicle The characteristics of a production vehicle or production car are mass-produced identical models, offered for sale to the public, and able to be legally driven on public roads (street legal). Legislation and other rules further define the production vehicle within particular countries or uses. There is no single fixed global definition of the term. In 1896 the term "production car" was used to describe a railway carriage that carried the scenery for an opera company. The earliest use of the term "production car" being applied to motor cars, found to date, was in a June 1914 American advertisement