BUSINESS NEWS
LEVC’S PRE TAX LOSSES WIDEN DESPITE UNDERLYING COST CONTROLS
LEVC, owned by Chinese auto- motive giant Geely has reported a widening of its pre-tax losses. According to new accounts filed with Companies House, the company’s pre-tax loss ballooned to £179.4m, significantly up from the £75.5m loss reported in 2023. This was accompanied by a slash in turnover, which dropped from £129.1m to £88.1m in 2024. Despite the difficult financial year, the company pointed to sales achievements and cost controls. The board stated: “LEVC achieved its sales targets in the UK and overseas despite a sluggish market, declining driver numbers
in London, and high interest rates." Key sales figures included: lA total of 1,272 sales in 2024, which was “in line with market demand forecasts that anticipated a decline in demand of 35%.”
l Sales outside of London and in the rest of the world were up by 12 per cent compared to 2023,” boosted by a delivery of 153 TX vehicles to Baku, Azerbaijan. On the operational side, the company noted it had “success- fully aligned” manufacturing to market forecasts and controlled costs, “delivering a 4.5 per cent reduction against budget and more than 24 per cent decrease on
the prior year” in manufacturing costs. Looking ahead, LEVC added that “Forecasts at the end of 2024 indicated a continued decline in the taxi segment, driven by market uncertainty, the potential with- drawal of the Plug-in Taxi Grant and ongoing high financing and insurance costs.” As a result, the company reduced its headcount from 461 to 395 during the financial year and started a redundancy round in December 2024 due to a planned reduction in output for early this year. In July, it was also reported the company planned to cut 180 jobs in Coventry.
GETT TEAMS UP WITH EDINBURGH’S OLDEST TAXI FIRM CITY CABS
City Cabs, the driver-owned cooperative that celebrated its centenary year this year,
is
Edinburgh’s most trusted taxi service. Gett, which has operated in Edinburgh since 2015, will now have an additional 700 black taxi drivers from City Cabs platform on its app, extending its network to more than 7,000 drivers. The new partnership signals an exciting chapter of growth and a more collaborative future for both companies. It is a model both companies hope to replicate across the country, championing the traditional hackney carriage industry, improving reliability and expanding coverage for users nationwide. Commenting on the partnership, Matteo De Renzi, Gett’s CEO said:
PHTM NOVEMBER 2025
“We’re thrilled to be collaborating with such an established, heritage brand as City Cabs, knowing that our Gett customers who rely on us in London will continue to receive a high-quality taxi service when in Edinburgh.” Lewis Rae, Managing Director at City Cabs added: “Gett users will benefit from our first-class service, with average pick-up times of under four minutes in the city. The partnership strengthens our service coverage for passengers and increases access for City Cabs users across Edinburgh and London.” The platform integration has been made possible via dispatch management software; so existing Gett and City Cabs customers will continue to have a seamless
booking experience in either app. City Cabs taxis are now live on the Gett app, with Gett’s network in London joining the City Cabs’ app later this month. Drivers already using Gett in Edin- burgh were offered the chance to work with City Cabs and continue completing Gett bookings. Matteo De Renzi at Gett adds: “This reciprocal set-up opens the door for Gett in other major UK cities, where we are actively seeking to partner with driver networks who uphold our exceptional operating standards.” This week, Gett also launched WhatsApp as a support channel for drivers to further improve query response times. With Gett, drivers have access to a dedicated 24/7 support team, based in the UK.
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