Black cab manufacturer, Manganese Bronze (MB), has honoured the warranties off any taxi drivers who have have experienced engine problems with their TX4, saving drivers from claiming on their black cab insurance.
MB’s announcement caused worry in the stock markets and led to shares in the company to lose value by nearly 25 per cent.
The models that have experienced radiator problems are thought to have been manufactured in early 2009 and the issue has since been resolved in later versions. However, despite the correction, the firm failed to reach its target of selling 2000 UK-built vehicles in ‘09 and have possibly failed to break even, an article in the Telegraph reports.
The firm have also warned that this increased warranty spend will be apparent in their quarterly figures.
However, not all is bad for the company. Visitor’s to China will notice that the TX4 can be seen on the roads of Beijing in increasing numbers. This is the result of a deal made between MB and Zhejiang Geely back in 2007 which appears to be finally paying off.
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