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Manganese Bronze is to create up to 100 jobs at its taxi manufacturing plant in Coventry over the next year, having just been rescued by Geely.
Manganese Bronze has raised £9.4m in a share placing to fund the international expansion of its taxi cab manufacturing business.
Manganese Bronze is forming a partnership with Tanfield to develop an electric version of the TX4 taxi cab by 2009.
Manganese Bronze is to sell its components division to BSA Holdings for £8m, including Deans Powered Doors of Beverley, Advanced Sintering of Ipswich, Metal Powders of Birmingham and Precision Castings of Redditch.