Geely to Double Spending on Fixing U.K. Taxi Maker

Zhejiang Geely Holding Group Co. plans to invest 100 million (€115 million) over the next five years to revive Manganese Bronze, the maker of London's iconic black cab.

Early this month Geely acquired the 80% of Bronze Manganese it didn't already own for 11 million (€13 million). The Zhejiang-based automaker discussed spending 30 million- 50 million over five years and returning the taxi maker to profitability in three years.

Geely now tells reporters that Manganese Bronze will turn a profit in a year. The Chinese company says the turnaround will be fueled in part by expanding exports of cabs to other countries, including China.

Geely has promised to continue building the vehicles in Coventry, England.