The new Chinese owner of the iconic London taxi brand, Zhejiang Geely Holding Group announced this decision during British Prime Minister David Cameron's trade visit to Shanghai, China.

The company plans to develop a fully-electric version of the car within five years. The company also plan to deliver 100 vehicles to the Chinese city of Shen Zhen in the next two weeks and more orders are expected soon.

Earlier?in 2008, Geely mentioned that it considering to electrify the black cabs. When met UK government officials, Li Shufu, the company's chairman said "One of our ideas is to convert London taxis into electric. We are doing research on this project." At that time, Li said that he had discussed the idea of electric taxis in London with Boris Johnson, the city's mayor, at the Beijing Olympic games in August. Mr Johnson supports the idea.