Geely Automobile Holdings Ltd will set up a joint venture with Britain's Manganese Bronze to produce the renowned London taxi in Shanghai, China's biggest private car maker said.

Manganese Bronze Holdings Corp and Geely will invest 53 million pounds (US$98 million) in the new manufacturing facility, according to a statement released by Geely Automobile Holdings, the listed unit of Geely Group.

Zhejiang Province-based Geely will own 52 percent of the new venture. Manganese Bronze will hold the remainder after issuing 5.7 million new shares at 2.50 pounds each to Geely.

The venture is expected to kick off production of famous black cabs in mid-2008. Annual production is forecast at 10,000 taxis; triple the current manufacturing capacity for the vehicles.

The Shanghai plant - the first factory for black cabs outside the United Kingdom - will also be responsible for making compact cars and providing components for the British car maker's plant in Coventry, England.

Geely will acquire a 23 percent stake in Manganese Bronze. It is said the cooperation will help Geely gain experience in advanced technology that will be useful for breaking into overseas markets with price-competitive cars.

Geely plans to sell about two-thirds of its autos overseas by 2015, highlighting its ambition to be a pioneer in the country's automotive export market. The company is expected to export 130,000 units this year.

Source:佚名