The move comes as the group prepares for the introduction of the next generation electric and ultra-low emission London black cab.
The investment will see the construction of a new purpose-built facility in the Ansty area of Coventry, close to the London Taxi Company's existing factory. The 85,000 sq m site will house all of the company's research, development and assembly operations.
Up to 1,000 new jobs will be created through the investment in the site, which will eventually have the capacity to assemble up to 36,000 vehicles a year. This is a ten-fold increase on capacity at the company's existing site in Holyhead Road, Coventry, which has been home to the London Taxi Company for almost 70 years.
Geely's commitment to the London Taxi Company marks the largest ever greenfield investment in the UK by a Chinese company and is being backed with funding from the UK Government's Regional Growth Fund and other UK and local government support.
Peter Johansen, vice president of UK operations for the London Taxi Company, said: 'Coventry has been the home of the iconic London Black Cab for nearly 70 years so we are delighted that it will remain so for the next 70 as the London Taxi Company expands and goes from strength to strength."
He added: "We are proud of the company's regional heritage in an area that is steeped in automotive and manufacturing history. Geely's investment in this new facility is testament to the dedication of all those who work at the London Taxi Company and this city's reputation for producing world-class engineers. We intend to build vehicles in the vanguard of environmental technology which set new standards for comfort and performance.'
