A British icon received a boost on Wednesday as the London Taxi Company opened a new £300m factory in Coventry. The plant has created 1,000 jobs and the firm says 5,000 black cabs will roll off production lines each year by 2019.

The classic design has also been given an update as a new electric model, the TX5, replaces older diesel versions. Geely, the owner of LTC, said the new greener cabs will go on sale around the world in 2018.

The site in Ansty, Coventry, will also house a research and development centre, with engineering jobs accounting for 200 of the newly created positions.

The factory has capacity to produce up to 20,000 low emissions vehicles per year, Geely said.

The opening marks the completion of a remarkable turnaround for the black cab which has been manufactured in the UK for 69 years. Fears were raised over its future when LTC plunged into administration in October 2012, before eventually being rescued six months later by Chinese firm Geely.

In January, Geely announced major expansion plans, meaning that the London black cab could soon be serving passengers in other European cities such as Oslo, Amsterdam, Paris and Berlin. The company says it has already been used on a small scale in places as far afield as Baku and Sydney.

London Taxi Company chairman Carl-Peter Forster said: “The opening of our new plant sets a number of records: it's the first brand new automotive manufacturing facility in Britain for over a decade, the first dedicated electric vehicle factory in the UK, and the first major Chinese investment in UK automotive."

Business Secretary Greg Clarke hailed the "impressive new factory and R&D facility" which he said "showcases the innovation that makes the UK a world leader in the development of new automotive technologies."

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Unite union regional officer Peter Coulson told the Associated Press: “This is a fantastic story of a company that was on its knees in 2013.