October 21, 2015 / 10:05 AM / in 3 years

Zero-emission cabs, sports cars part of Chinese-British deals

LONDON (Reuters) - Chinese investment into low carbon London black cabs and a deal involving luxury sports carmaker Aston Martin are part of a series of business announcements on Wednesday during the state visit by China’s president to London.

A taxi travels along Oxford Street during a bus strike in London in this file photograph dated January 13, 2015. REUTERS/Suzanne Plunkett/files

The deals come on the second full day of Xi Jinping’s stay as Britain seeks to clinch contracts worth $46 billion.

UK Trade and Investment, a body designed to encourage inward foreign investment into Britain, said a number of deals involving low carbon technology would be done.

Aston Martin, famous for making the DB5 sports car driven by fictional secret agent James Bond, will sign a deal worth 50 million pounds with China Equity - which makes venture capital and private equity investments - to develop its electric Rapide sports car.

The carmaker, which currently builds conventional sports cars, is planning to expand both its model line-up and use new technologies as part of a strategy to boost volumes and return to profitability.

Chinese carmaker Geely [GEELY.UL] (0175.HK), which owns the London Taxi Company, will also invest a further 50 million pounds to enhance its research capabilities and launch a new fleet of zero-emission-capable black cabs.

Reporting By Costas Pitas, editing by David Evans

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