Chairman Li Shufu announced the investment plan, which will see Manganese Bronze export its black cabs to other countries, according to Victor Yang, a spokesman for the company. Zhejiang Geely agreed to buy Manganese Bronze, which entered administration last year, for 11.04 million pounds on a debt-free basis, the Chinese automaker said Feb. Manganese Bronze will become profitable in one year instead of the previous target of three years, as the cab maker expands sales to overseas markets, Yang said by phone.

The cab maker will also sell its taxis in China, though no sales targets have been set, Yang said.
About 500 of the black cabs are already operating in Chinese cities such as Beijing, Guangzhou and Ningbo, he said.
The purchase will help the closely held automaker headed by Li speed up its expansion following the purchase of Volvo Cars in Sweden.

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