Geely spins off ailing taxi business

China Daily - Geely Automobile Holding Ltd, the Hong Kong-listed arm of Zhejiang Geely Holding Group said that it has spun off its ailing taxi production and sales business for 173 million yuan ($27.50 million).

The company said that it aims to focus on the car business, thus it sold its stake in Shanghai LTI Automobile Components Co Ltd, a joint venture established by Geely Holding Group and Manganese Bronze in 2007, to Shanghai Maple Automobile, a subsidiary of the Geely Group.

Yang Xueliang, spokesman of the Geely Group, said that the transfer will also help to avoid competition in the taxi business between Geely Automobile and Geely Group.

Geely Group has just acquired Manganese Bronze Holdings, the maker of the iconic London black cabs, for 11.04 million pounds on Feb 1.