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 cars need to have at least 25 identical cars produced within a 12-month period and they were meant for normal sale to individual purchasers. However, FIA rules tend to allow a degree of modification from the original. Another example is the Utah Salt Flats Racing Association which is concerned solely with the speed of a vehicle. The Association uses its own definition of a production vehicle. The Association allows quite a high level of modification over the original. In 2006 a Pontiac TransAm of John Rains Racing was classified as being the fastest production model (Bonneville D/PS class) with a