The TX5 was designed with an overriding focus on the comfort of passengers and drivers. As well as accommodating six passenger seats and featuring improved driver leg room, the TX5 also heralds the return of the rear-hinged door to improve passenger access and, for the first time on a Black Cab, a panoramic glass roof. It has sufficient space for a forward facing wheelchair, helping to meet the travel needs of those with mobility issues. The TX5 is also equipped with WiFi internet capability and provides charging points for drivers and passengers.

At 31,000 square metres, the Ansty facility will now be 50% larger than originally planned to accommodate the enhanced R&D centre and additional technical facilities alongside the production line to build the new TX5. In addition there will 6,000 square meters of office space.

LTC is also working on several zero-emission model concepts, including light commercial vehicles as part of ZGH’s plans to significantly raise production at LTC and position it as a leading manufacturer of green and environmentally friendly transportation.

Green bonds—the funds from which are exclusively applied to finance new and existing green infrastructure projects—were developed as a new investment channel in 2007, with the first few issuances by multilateral development banks, and have grown rapidly in the global market. The global green bonds market amounted to more than US$40 billion in 2015, with issuers including the World Bank, commercial banks, corporations and municipalities.

In late 2015, the People’s Bank of China released the Green Financial Bond Directive, which outlines standards on how to use green bonds. The directive was the country’s first guideline on green bonds.

The senior unsecured bonds, issued through ZGH’s wholly-owned subsidiary LTC GB Limited, carry a fixed interest rate of 2.75% per annum with a tenor of five years, which is the lowest coupon ever amongst the USD bonds issued by Greater China’s auto companies. The final order book of more than US$2.3 billion represented an oversubscription ratio of close to 6 times.

Bank of China provided a Standby Letter of Credit for the Green Bond. Joint Global Coordinators included Bank of China, Bank of America Merrill Lynch, Barclays and Société Générale.

ZGH engaged Deloitte to provide independent limited assurance in relation to the Green Bond Management Statement.

In January 2016, a consortium led by the London Taxi Company was awarded an Advanced Propulsion Centre (APC) grant of £17.5 million (US$25.4 million) towards an R&D project to develop further the next-generation zero-emissions hybrid drivetrain technology. The project is a collaboration between industry and research institutions with the consortium investing an additional £29 million (US$42.1 million) in developing UK content for advanced zero emissions hybrid technology.

The £46.5-million (US$67.5-million) project will allow the London Taxi Company to develop its next generation zero emissions hybrid drivetrain technology alongside its consortium partners in Coventry.

Zhejiang Geely Holding Group Ltd. (ZGH), is a global company with operations spanning the automotive value chain, from research, development and design to production, sales and servicing. Founded in 1997 and headquartered in Hangzhou, China, the Group comprises China’s leading non state-owned car manufacturer Geely Automobile Holdings Limited, as well as Volvo Car Group and the London Taxi Company. The Group sold more than one million vehicles in 2015.