Warwickshire-based LEVC, the Geely-owned manufacturer of the electrified London taxi, has announced 140 job cuts as part of a cost-cutting drive.
The move was announced in a restructuring package detailed today, which, LEVC says, will "lay the foundations for its stainable profitability and growth". LEVC sold 1620 vehicles and posted pre-tax losses of £118 million last year, compared to a £38 million loss in pandemic-blighted 2020.
The firm is aiming to return to "sustainable" profitability following the pandemic, which throttled demand for its TX range-extender taxi, given that the private hire industry was effectively idled during lockdown and social-distancing restrictions.
