LEVC turnover grows by £63million during record taxi sales year

New figures released by electric taxi manufacturer LEVC show an increase in turnover by more than £63million in 2019.

London Electric Vehicle Company (LEVC), who are based in Coventry and owned by Chinese firm Geely, reported a turnover of £143.4million for the 12 months to 31 December 2019 in its Annual Report and Financial Statement. That figure shows an increase up from £79.1million in 2018.

The black taxi firm, who are also set to release a commercial electric van later this year, showed total sales of its TX electric black cab jumped to 2,509, nearly double the number sold the previous year.

The manufacturer's pre-tax losses also fell from £90.5million in 2018 to £63.4million in 2019.

A statement signed by LEVC Director and CEO Joerg Hofmann, has detailed the expected risks to the company caused by the outbreak of COVID-19.

It said: “There will be an impact in sales in the medium term but indications so far are that much of this is postponement rather than cancellation.”

In its strategic report by the LEVC Board of Directors, it said: "Production and supply issues have been addressed, allowing LEVC to deliver on all financial KPIs set for the year and ensure the business is well placed for further volume increases in 2020.

"LEVC continues to expand its UK dealer footprint. In addition, an export strategy has been launched with a new office opening in the European Union in Frankfurt.

Dealer expansion is largely through cooperation with Volvo Car Corporation, as both sales and service partners, depending on size of market.”

LEVC has seen demand for the TX model grow across the UK and Europe, with over 4,000 sold globally since its launch in early 2018.

Image credit: LEVC