London's Iconic Black Cab to Go Green by 2017

The TX5 will operate on battery power until it runs out, and then the petrol engine will kick in to top up the battery.

The creation of the TX5 was overseen by British designers Pete Horbury - former chief designer at Volvo and head of design at Ford in Detroit - and David Ancona, another former Volvo chief designer. Instantly recognizable as a black cab, the TX5 is characterized by a retro-inspired design that borrows a handful of styling cues from the Austin FX4 that was introduced in England in 1958. The red carpet has been rolled out for President Xi Jinping and his wife, Peng Liyuan, with China's most powerful couple being treated to the best pomp and pageantry Buckingham Palace can muster.

London Taxi Company showed a prototype of the new TX5 saying their new product is based upon a brand-new aluminum architecture that uses a plug-in petrol-electric hybrid powertrain. All of the cars will be equipped with WiFi capability and will provide charging points for both drivers and passengers.

The taxi includes improved driver leg room, the return of the rear-hinged door to improve passenger access and a panoramic glass roof. During the announcement, parent company and leading Chinese automotive manufacturer Zhejiang Geely Holding Group, also announced its intention to invest an additional 50 million pounds in its state-of-the-art greenfield production facility in Ansty, Warwickshire. The London Taxi Company has been around since 1899, and even though it was purchased by Chinese automaker Geely, it seems there's no stopping these people.

According to the Evening Standard, Geely will build the black cab at a new £300 million ($463.33 million) plant outside Coventry, creating 1,000 jobs. Volvo, another company that is owned by Geely, formerly occupied the mentioned design studio.

"We have sought to build on existing features such as the headlights, grille and strong roof lines", he added. 50m GBP have been attributed to the new factory which will be producing at least 36,000 units annually.

The TX5 will be launched in the United Kingdom at the end of 2017 and across global markets in 2018.