100s Of Black Cabs Recalled Over Steering Fault
Hundreds of London's famous black cabs are being recalled because of a steering fault.
Manganese Bronze, which makes the taxis, said it had discovered a defect with new steering boxes in its TX4 model.
The first of around 400 cars to feature the new part rolled off the production line at the company's Coventry factory in late February.
Sales of the TX4 have now been put on hold while the fault is fixed.
A spokesman for Manganese Bronze said the recall and sales suspension would have a "material and detrimental" impact on the company's cashflow, and said it was looking at its options.
Trading of its shares was also suspended.
Manganese Bronze sold 1,502 taxis in the UK last year, compared with 1,653 in 2010 - a fall of 9.1% year-on-year.
In the six months up to June 30 this year, it sold 577 vehicles in the UK - down almost a quarter on the same period last year.
It took £75m in 2011 but posted an operating loss of £4.7m.