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New LEVC TX taxi is planned, but no timescales mentioned, as LEVC cuts losses by over £110m
London EV Company (LEVC) has confirmed that its current TX5 taxi is approaching the final stage of its product lifecycle, with the Coventry manufacturer preparing a new-generation TX vehicle as it seeks to respond to changing regulatory requirements.
The disclosure forms part of LEVC’s annual report and financial statements for the year ended 31 December 2025, which provided indications of how the manufacturer intends to develop its taxi business beyond the current TX model.
LEVC said its current commercial strategy remains heavily focused on the London taxi market, where the TX5, better known as the TXE in the taxi industry, continues to operate as its principal taxi product. The company said London remains its key market, but acknowledged that conditions have become increasingly difficult as the number of licensed taxi drivers continues to decline.
The accounts show LEVC sold 725 vehicles during 2025, against a target of 724. That represented a substantial fall from the 1,792 vehicles recorded in 2024. Revenue also dropped sharply, from £88.1million in 2024 to £59.6million in 2025.
LEVC said: “LEVC achieved its sales targets in the UK and overseas despite a slow-moving market, declining driver numbers in London, and high interest rates.”
The manufacturer said the current TX5 model is entering the final stage of its product lifecycle and continues to face regulatory changes that will require further investment. According to the report, the mandatory introduction of electronic Certificates of Conformity, known as eCoC, from 5 July 2026 does not support the Group’s current production facilities and administrative processes.
LEVC said the necessary investment to bring its operations into line with the requirement “will represent a significant and material product compliance investment that limits the wider business benefits to be realised from the TX5 platform”.
New-generation TX planned as manufacturer looks beyond TX5
The accounts confirm that development of a new TX vehicle is part of LEVC’s future strategy, with the company specifically referring to “a new generation TX vehicle” in its assessment of future investment and financial requirements.
LEVC said it is working closely with the wider Geely Group on its future platform strategy “to strengthen its market position in anticipation of upcoming TX models and the planned reduction in TX5 production volumes”.
The company also said that following a review of future products and assembly operations in the UK, “there are opportunities to expand the future manufacturing footprint of Ansty through group products”.
That strategy could make the Coventry site increasingly important beyond production of the current TX taxi. LEVC said the plant’s existing assets could be utilised to support Geely Group products, potentially bringing additional manufacturing activity to the facility as TX5 production is reduced.
The accounts also reveal discussions over further investment connected to both the next TX and the company’s manufacturing operation. LEVC said it had been in ongoing investment discussions with Geely, alongside regulatory considerations which had informed planned reductions in manufacturing activity throughout 2025.
It added that it expected to deliver “sufficient production volumes to meet anticipated UK market demand in 2026”, while maintaining operational flexibility to support investment in future products and manufacturing capabilities.
The manufacturer is also looking beyond London for additional TX demand. LEVC said it continues to work with local and national government to encourage the adoption of Clean Air Initiatives and policies intended to support zero-emission purpose-built wheelchair-accessible vehicles.
London taxi market continues to contract
The transition comes against a difficult backdrop for LEVC’s core market. The company said driver numbers in London fell from 20,577 in 2019 to around 16,157 at the end of 2025, a decline of approximately 21%.
LEVC said this continued reduction in drivers had been influenced by inflationary pressures, high interest rates and the cost of living. It added that drivers leaving the profession had not been replaced at the same rate by new entrants.
The company said it expected the London market to continue its “gradual, steady decline in driver numbers through 2026”.
Revenue falls as LEVC reports £55million annual loss
Financially, 2025 remained challenging. LEVC reported turnover of £59.58million, down approximately 32% from £88.15million the previous year.
Vehicle sales generated £48.90million of turnover, compared with £76.90million in 2024. Vehicle parts generated £5.78million, against £6.78million previously, while profit shares contributed £4.89million compared with £4.35million.
Despite the lower revenue, LEVC’s operating loss narrowed considerably. The company recorded an operating loss of £45.52million for 2025, compared with £156.56million in 2024.
The previous year’s result included substantial non-underlying charges, including impairment costs. In 2025, LEVC recorded £3.86million of redundancy and severance costs following a compulsory redundancy programme.
The company reported EBITDA of £40.51million negative, compared with £129.17million negative in 2024. After finance costs and taxation, LEVC recorded a loss for the financial year of £54.98million, substantially below the £179.47million loss reported for 2024.
The reduction nevertheless leaves LEVC operating at a significant loss. Its net liabilities increased to £180.63million at the end of 2025, from £125.64million a year earlier.
Average employee numbers also fell substantially as LEVC restructured its operations. The company employed an average of 282 people during 2025, down from 395 in 2024. Production and engineering headcount dropped from 249 to 130, while sales, marketing and distribution fell from 83 to 78. Administration and finance increased from 63 to 74.
Parent company support remains important
LEVC’s accounts were prepared on a going-concern basis, with the manufacturer continuing to rely on financial support from its wider ownership structure.
The directors said the company remains dependent on financial support from its parent company, Geely UK Limited, to continue operating as a going concern. A signed letter of support confirms an undertaking to provide financial backing until 31 December 2027.
