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London taxi maker in crisis bailout talks

Shares in London taxi maker Manganese Bronze have been suspended following the emergency recall of 400 TX4 black cabs to fix a steering fault that has left its financial position ‘unclear’.
The crisis at the maker of London’s famous black cab has forced executives from Chinese car making giant Geely to fly into London for possible bailout talks: Geely owns 20% of Manganese Bronze.
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The Sunday Times yesterday reported the Coventry-based firm has ‘no foreseeable income stream’: on top of the recall, sales have also been suspended while the fault is fixed.
In recent weeks, the company has also revealed a black hole in its accounts of around £4m and has not posted a profit since 2007. Last year, it sold 1,502 taxis, a fall of 9%. It employs 180 people at its Coventry HQ.
The steering fault is related to a new component sourced from a new Chinese supplier and installed from earlier this year. The firm says it will seek compensation from the supplier.
The recall is another blow to the iconic firm, which has been building cabs since 1948. Earlier this year, Nissan revealed its own ‘black cab’ with a diesel engine that’s 50% greener than the LTI TX4 black cab.
The Nissan black cab emits 139g/km CO2; even the greenest LTI cab emits a heady 209g/km.
The firm says it is working on a rapid fix for the latest safety fault: as it is a safety issue, cabbies may not be able to work until it is repaired…
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Geely should bail out this iconic company. Is it just a coincidence that Geely are a Chinese company as is the supplier of the faulty steering component?
Now Christopher, before you say that this is a racist remark, let me again reply to you that this is fact. Due to either shoddy materials or shoddy workmanship or both, this is a problem emanating from China. I would have said the same had it been New Zealand, Zambia, USA, Brazil or whetever country one wishes to choose to have this faulty part made.
Unfortunately the malaise of Managanese Bronze is symptomatic of the downturn in the economy with people seeking other cheaper forms of transport, albeit less convenient, to get about. Hence there is a need for fewer cabs or the cabbies are keeping them going for longer.
Clever people those Chinese folk. First, invest in an iconic company that will use the parts that a Chinese engineering manufacturing company will manufacture and supply; exclusively? Then opt for the rapid delivery procedure of poorly engineered, barely tested, almost assuredly not QA controlled to any recognisable or familiar European standard at low cost and flood the niche market with loads of sub-standard stuff.
Wait for the inevitable failures, offer no re-engineered parts manufactured to any higher standard which might involve using quality materials and manufacturing processes, just hugely discounted on-book parts (the same old same old). And sit back.
The outcome is predictably inevitable.
You think not?
Perhaps a few judiciously placed enquiries to any number of Saudi Arabian construction companies who opted for Chinese made heavy plant and equipment might yield a picture not dissimilar to that outlined in the foregoing.
Still sceptical?
Clever people those Chinese folk.
Please, please, do not allow this icon to go the way everything else in the motor industry went. There must be someone (British) with the foresight and spare cash to upgrade and continue production of this historical and world famous British cab. There could never be anything like it again.
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