14 Dec 2009 07:00
14 December 2009
Eco City Vehicles PLC
("Eco City" or "the Group")
Eco City sells 500th Vito taxi capturing 30% of new London licensed taxi market
Eco City Vehicles PLC, a developer and supplier of eco-friendly commercial vehicles and the London licensed taxi, is pleased to announce that it has reached a significant milestone with the sale of the Group's 500th Mercedes-Benz Vito taxi (Vito).
The sale reflects continued solid demand for the Vito since its launch in July last year, making it an increasingly familiar sight in the capital. The Group has sold approximately 100 more Vito taxis since announcing its interim results on 29 September 2009, increasing the cab's share of the London new taxi market to 30% from 25% over the period.
The Vito uses Eco City's patented rear wheel steering technology, co-developed by the Group, its associate company one80, and Mercedes-Benz. Key benefits, as reported by taxi drivers of the Vito include: better fuel economy; lower emissions; more space and comfort with air conditioning for driver and passengers; and six passenger seats instead of five. As a result, an increasing number of passengers are now specifically requesting the Vito when booking cabs and are also opting for the Vito for longer journeys, often in preference to private hire vehicles.
The 500th taxi was purchased by Mark Stansbury who has been a London owner/driver cabbie for eight years.
Peter DaCosta, Chief Executive Officer of Eco City, commented: "The Vito is fast becoming the cab of choice by London taxi drivers and has firmly established itself as the latest iteration of London's iconic black cab. With new air quality regulations proposed in London as well as strong interest from other UK cities and overseas, the Vito's long term prospects continue to look bright."
Enquiries:
| Eco City Vehicles plc | |
| Peter DaCosta, Chief Executive Officer | +44 20 7377 2182 |
| Corfin Communications | |
| Alexis Gore, Harry Chathli, Neil Thapar | + 44 20 7977 0020 |
| Numis Securities Limited |
|
| Stuart Skinner (Nominated Adviser) | +44 20 7260 1000 |
| David Poutney (Corporate Broker) |
About Eco City Vehicles
Eco City Vehicles plc is an established specialist vehicle distributor and a leading after-sales service centre for the London Taxi owner-driver market. Eco City Vehicles is in the process of expanding its product lines by distributing environmentally friendly vehicles through its existing channels to market, targeting local authorities, urban vehicle fleet owners (e.g. supermarket chains) and other business users.