LEVC (London EV Company), the Coventry-headquartered manufacturer of electric London taxis owned by Chinese automotive giant Geely (which also owns Volvo and Lotus), reported a widening of its pre-tax losses.
According to new accounts filed with Companies House, the company's pre-tax loss ballooned to £179.4m, significantly up from the £75.5m loss reported in 2023.
This was accompanied by a slash in turnover, which dropped from £129.1m to £88.1m in 2024.
Despite the difficult financial year, the company pointed to sales achievements and cost controls. The board stated: “LEVC achieved its sales targets in the UK and overseas despite a sluggish market, declining driver numbers in London, and high interest rates."
Key sales figures included:
A total of 1,272 sales in 2024, which was “in line with market demand forecasts that anticipated a decline in demand of 35 per cent.”
"Sales outside of London and in the rest of the world were up by 12 per cent compared to 2023," boosted by a delivery of 153 TX vehicles to Baku, Azerbaijan.
On the operational side, the company noted it had “successfully aligned” manufacturing to market forecasts and controlled costs, “delivering a 4.5 per cent reduction against budget and more than 24 per cent decrease on the prior year” in manufacturing costs.
Looking ahead, LEVC added that “Forecasts at the end of 2024 indicated a continued decline in the taxi segment, driven by market uncertainty, the potential withdrawal of the Plug-in Taxi Grant and ongoing high financing and insurance costs.”
As a result, the company reduced its headcount from 461 to 395 during the financial year and started a redundancy round in December 2024 due to a planned reduction in output for early this year.
In July, it was also reported the company planned to cut 180 jobs in Coventry.
The initiative focuses on providing anti-spiking guidance for Veezu drivers, training them to "recognise the warning signs of spiking and respond appropriately to help keep passengers safe."
While the driver was reported as "uninjured," the "taxi was damaged" during the event.
The committee heard that the driver, who was not named, had failed to notify the council of her initial arrest and charges within the required 48 hours.
Jaymie Wilson, 35, has been ordered to pay a total of £770 after he became aggressive toward a taxi driver, uttered homophobic slurs, and threw a glass at him.
The details of the allegation stated that the passenger woke up to a horrifying situation: "The passenger passed out in the vehicle, upon coming around, the driver was licking her breasts.
The officials voiced fears that drivers licensed in other areas can operate in Rotherham, about whom local authorities have "no information."
South Wales Police and licensing teams from Swansea, Neath Port Talbot, and Newport councils conducted two operations, stopping over 50 taxis and private hire vehicles to ensure safety.
A private hire vehicle driver in Blackburn recounted the moment a tree came crashing down onto his car during heavy wind and rain on the afternoon of Friday, October 3.
A Fife taxi driver, Kay Rooney, has spoken out about the lasting trauma following a knifepoint robbery by an attacker who was on bail for a similar offence.
Thomas Llewellyn, 38, of Warrington, appeared before Preston Magistrates’ Court after admitting to a string of offences committed in Burnley on January 8 this year.
Dale Allison, 43, of Hull, was jailed for seven years and two months after admitting to robbery and causing criminal damage. He pleaded guilty on the day his trial was due to start.
The new partnership signals an exciting chapter of growth and a more collaborative future for both companies.
The App Drivers’ and Couriers’ Union (ADCU) has welcomed calls by London Assembly Member and Chair of the London Transport Committee, Elly Baker, for urgent Government action to protect the capital’s private hire and tax
Eastbourne Police have released an image in a public appeal to trace a man in connection with a serious assault on a taxi driver in Lewes on August 16.
A Swansea court has issued a hospital order for a man who robbed a taxi driver at scissor-point before leading police on a dangerous, high-speed pursuit in the stolen vehicle.
The incident on Crooks Barn Lane, Norton, at 4:30 pm on March 3, was reviewed by Stockton Council's licensing committee as the unnamed driver applied to renew his hackney carriage and private hire licence.
Cornwall taxis are currently licensed across six separate zones—a system based on the former district councils and maintained since the unitary authority was established in 2009.
Camberley-based taxi and PH company Your Local Car is celebrating a double milestone by completing its one millionth passenger journey and winning a Gold Award at the SME Surrey Business Awards 2025.
The increase, equivalent to 2.55 per cent—in line with the average inflation rate leading up to May - was backed by executive councillors on Tuesday, September 30.
Leeds taxi and private hire licensing enforcement officers investigated and prosecuted Bradford licensed private hire driver, Aqib Hussain, for plying for hire and having no insurance.