LEVC: London electric taxi company loses £180m
LEVC, the London electric taxi company, lost almost £180m during its latest financial year as its sales were slashed.
The Coventry-headquartered electric taxi maker, which is also known as London EV Company, has reported a pre-tax loss of £179.4m, according to new accounts filed with Companies House.
The business, which is owned by Chinese automotive giant Geely, which also owns Volvo and Lotus, had previously lost £75.5m in 2023.
The results have also revealed that LEVC’s turnover was slashed from £129.1m to £88.1m in 2024.
Geely has owned LEVC after rescuing it from administration in 2013, saving more than 100 jobs in a buyout deal worth £13m.
LEVC cuts jobs as sales slide
A statement signed off by the board said: “LEVC achieved its sales targets in the UK and overseas despite a sluggish market, declining driver numbers in London, and high interest rates.
“In 2024, the company achieved 1,272 sales 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, supported in particular by delivery of 153 TX vehicles to Baku, Azerbaijan, to help develop sustainable, safe and zero emission capable transport ahead of COP29.
“Manufacturing was successfully aligned to market forecasts at the end of 2023, with the business successfully overcoming supply chain pressures to complete all production requirements.
“At the same time, manufacturing costs were effectively controlled, delivering a 4.5 per cent reduction against budget and more than 24 per cent decrease on the prior year.”
On its future, LEVC added: “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 Grand and ongoing high financing and insurance costs.”
As a result, LEVC started a redundancy round in December 2024 because of a planned reduction in output early this year.
Before that, LEVC’s headcount reduced from 461 to 395 during its latest financial year.
In July it was reported that the company was to cut 180 jobs in Coventry.