Manganese Bronze, the maker of London's black cabs, is in administration. Part owned by Chinese automaker Geely, the company faces stiff competition from Mercedes Benz and a new taxi Nissan plans for next year.
So, the work begins to keep London's famous black cabs on the road. The problem forced manufacturer Manganese Bronze to suspend sales altogether - leaving it on the brink of collapse...its iconic vehicle on a slippery slope.
Normally known for their high spirits, drivers in this cabbie-cafe aren't so optimistic. A new age limit means older vehicles are being pulled off the road at a rate of 15 every week. Without new models replacing them, drivers predict there'll be up to 1000 of them without a cab by Christmas.
London's black cabs have looked the same since the 1950s-An iconic shape that's stayed the same thanks to strict regulations. All black cabs are required by law to have a turning circle of just 25 feet to cope with London's narrow streets. That allows them to do u-turns in tight spots just like this. Until 2008 no one else could copy this, but that's now changed.
However, now, there is a new face in the market. A Mercedes Benz van converted into a 6 seater cab. It's the right colour, and has the orange light, but it's definitely a change from the traditional design. Mercedes-Benz already has a 38% share of the market and sales have jumped since its competitors problems.
So London will still have its taxis, just not as it knows it.