Coventry’s London Taxi Company open its new factory in Ansty today.

It is the first new car plant to open in the UK in more than a decade.

And the new facility, which will house research, development and manufacturing operations, represents a £300 million investment by the London Taxi Company’s Chinese owners Geely.

It will be the location of production of a new TX5 electric London taxi.

A whopping 5,000 vehicles a year are set to be produced by 2019.

Production at the Ansty site is expected to start in May or June this year.

London Taxi Company’s TX4, the traditional diesel-powered taxi, will be run-down at its Coventry site over the next 12 months, depending on demand.

The opening has been hailed as “one of the great comebacks in Britain’s long industrial history” by the trade union Unite.

In 2013, the London Taxi Company went into administration before the Zhejing Geely Holding Group stepped in to rescue the firm.

Since then, the workforce has risen from 150 to the current figure of 450 with the expectation 1,000 people will be employed at Ansty by 2020.

Unite regional officer Peter Coulson said: “This a fantastic story of a company that was on its knees in 2013 - now thanks to the commitment of Geely’s top management and accompanying large-scale investment the iconic London taxi is set for its continued renaissance.

“Tribute should also be paid to the dedicated workforce who have worked hard and diligently to contribute to the current success.

“This is fantastic news in terms of highly skilled jobs for our members and the future creation of employment opportunities. It will be a wonderful boost to the West Midlands economy.”

Mr Coulson added: “Unite has worked very closely and successfully with the company to contribute to this success story which is one of the great comebacks in Britain’s long industrial history.

“Geely sees great potential for the iconic London taxi which is famous across the world with its cameo appearances at the 2012 London Olympics and in the James Bond film franchise.

“The company is already exporting to the Middle East and is eyeing up the Australian market.”