Despite initial fears that the new London Taxi, the TX4, might have been overpriced, the company that makes it has announced sizzling sales.

In its interim results statement last week, Manganese Bronze said that turnover had risen 28% to £107m with the sales of cabs up 39%.

In the year since the TX4 was introduced, and since the company announced its joint venture for manufacture in China, the share price has almost quadrupled to above £8.

The price of the TX4 – sold through eight dealers in major UK cities, including four Mann & Overton facilities owned by Manganese Bronze – was up £2,000 on its predecessor to a start price of £27,000.

Production in Coventry is around 3,000 a year to service export orders and the replacement demand of the 32,000 UK cabbies who use them. When the £53 million joint venture factory built with Geely in China starts assembly, production is scheduled to rise to 20,000.

The statement from company chairman Tim Melville-Ross shows mounting confidence in export opportunity. “We are preparing to market internationally as we progress further in making the London Taxi a global brand.”

It is thought that Geely can get the ex-factory price down by 60% and that Coventry can reduce by 20% as soon as China-sourced components can be used.