Taxi manufacturers LEVC to cut workforce by 140 in bid to improve efficiency and growth

Taxi manufacturers LEVC plan to cut its workforce by 140 in a bid to improve efficiency and long-term growth.

The Coventry based black cab manufacturers, famous for its electric TX model, said its voluntary redundancy program will form part of a series of measures to improve “sustainability profitability and growth,” as the company emerges from the coronavirus pandemic and disrupted supply chains.

The restructuring package outlined today will "lay the foundations for its stainable profitability and growth" say LEVC. The company, owned by China’s Zhejiang Geely Holding Group Company sold 1,620 vehicles and posted pre-tax losses of £118million last year.

In June 2022, there were 5,424 electric LEVC TX taxis licensed in London.

Also in June LEVC announced leadership changes, with Joerg Hofmann standing down as CEO to pursue a new opportunity within the automotive industry.

Alex Nan took over full responsibility for LEVC globally. Nan said in June: “On behalf of the Geely Group and all at LEVC, I would like to thank Joerg Hofmann for his enormous contribution. He has spearheaded the launch of the VN5 light commercial vehicle, guided the company through the Covid pandemic and overseen the major recent milestone of 7,000 global sales of the world’s most advanced electric taxi – the TX. As LEVC enters the next exciting stage in its product and development strategy, together with the management, I will continue to push the company towards a greener, more technology-driven and sustainable future.”