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London Taxi is more than just a cab service that transports people from one spot to another. London Taxi is a icon in itself, much like our very own Mumbai’s Black-Yellow Taxi service. Run by London Taxi Company and owned by Geely, the same group that owns Volvo cars too, the final images of the all-new Taxi has been revealed.

The Coventry-based taxi firm now has a new name and will be called the London EV Company, or LEVC. The company has also revealed the final images of its all-new London Taxi, the TX cab. The new taxi comes with an electric powertrain and a host of new features, but the thing that the Cabbies will love the most is the fact that the company is promising it will save you £100 (about $130) a week on fuel alone.

So why this immediate shift from diesel taxis to electric cars? Well, the government in Britain has decided that from 1st January, 2018 onwards, no new diesel taxi will be licensed in London and by 2020, London is aiming to put 9,000 zero emissions capable taxis on London’s streets. Hence the company has decided to launch the new vehicle in time that can be ordered from coming 1st August 2017.

According to new law, only zero emissions-capable taxis with a minimum 30-mile range, sub-50g/km CO2 emissions and a gasoline-powered range-extender engine are allowed to ply on the roads of London, all of which are fulfilled by London Taxi. London based cabbies will be able to register their interest online for the new LEVC TX.

Being an electric car, the new LEVC TX will be an expensive buy, but the firm is looking to make it as affordable as possible with several options to won one. There will also be incentives from government to offset the cost. The new taxi has an overall range of 400-mile and an all-electric range of 70 miles, enough to run on London roads for a day.

As mentioned earlier, Chinese company Geely, which owns Volvo and also has recently announced a takeover of Norfolk-based Lotus cars, has invested a total of £325 million ($419M) to create the new LEVC TX. The LEVC TX uses a battery electric powertrain and a gasoline generator range-extender. Engineers from Volvo were roped in to give technical expertise for the new taxi, which will officially launch in London later this year.

CEO of LEVC Chris Gubbey called it “an incredibly exciting day for the company… the launch of LEVC marks Britain’s leadership as a first mover in creating the world’s only dedicated electric vehicle company for the urban commercial market”. The company will also launch an electric van as well as the new electric cab.

About the built of the car, the new TX London cab is built using aluminium bonding technology, which ensures that the structure is light enough to offset the mass of the batteries. The design instantly reminds us of the old London cabs, but has a contemporary front end using LED running light tech and simplified styling lines throughout.

The passengers will enter the cab using a rear door that opens 90 degrees, and is rear-hinged to offer elegant access, just like a Rolls-Royce. The new TX has been refined as well and promises much less vibration and noise inside, WIFI, mobile device charging points and enough space for six people to sit comfortably.

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