The London Electric Vehicle Company, which makes the city’s battery-powered black cabs, plans to cut as many as 140 jobs in the UK as part of a plan to increase efficiency.
LEVC, as it is known, is owned by China’s Zhejiang Geely Holding Group – the parent company of Volvo, Lotus, Polestar and others — said the voluntary redundancy program was part of a series of measures to return to “sustainable profitability and growth,” after the impact of the pandemic and disruption to supply chains.
As of the end of 2021, LEVC employed about 550 workers, according to company filings. If those levels held steady, the cuts would represent about a quarter of the workforce.
It has a production facility in Coventry, England.
A company spokesperson declined to comment on the current number of employees.
The announcement by LEVC is another blow to the UK’s automotive industry, days after the electric van startup Arrival said its plan to move production to the U.S. would have a “sizable” effect on its British workforce. Earlier Monday, the battery startup Britishvolt said it was weighing several options to provide “stability” after a report that it may enter administration.
LEVC lost 118 million pounds ($135 million) in the year ended December 2021, according to company filings. The company said in 2020 that it had expected to be profitable by 2021.