News

Thanks to a £5m government bailout and a new owner, the future of LDV has been secured. Its administration application was withdrawn earlier this week, and new owner Weststar says it will restart production at the Washwood Heath factory in Birmingham in July once the takeover deal has been  finalised.

Evgeniy Vereshchagin, CEO of LDV, says: "It was an essential step towards the completion of a deal to secure an exciting future for LDV, as part of a new global business."

Guy Jones, LDV marketing director, adds: "The deal is yet to be completely signed off but those concerned are still tabling a package to ensure the best possible outcome.

"As it stands, Weststar has purchased LDV outright, which includes the Maxus van, all intellectual property, assets and right. It's a clean break in terms of the sale."

LDV is attempting to relaunch itself as a 'green' vehicle manufacturer by producing all-electric versions of its Maxus van.

Reports suggest that Weststar has promised £50m worth of investment into LDV with a view to double output by increasing exports to Malaysia.