The future of iconic black cabs in London could be secured thanks to a new £40million investment, just months after a report warned that they could go extinct in the coming years.

The UK's leading electric black taxi company, Sherbet, has raised up to £40million to help more cabbies around the capital switch to zero emission vehicles.

As part of the investment, Sherbet aims to expand its number of electric vehicles in the capital from 550 to 3,000 as it retains its title as the UK's fastest-growing electric black cab fleet.

A recent report from Centre for London warned that, based on current trends, there would be no black cabs left in London within 20 years.

London's black cab industry has been backed by a £40million boost

It added that since 2017, when the electric cab was first introduced, there had been a 39 per cent rise in upfront costs for motorists, making the profession unaffordable for many.

Centre for London called on Mayor Sadiq Khan to use Transport for London to set out a clear recruitment and retention strategy as part of the Taxi Action Plan.

Sherbet CEO Asher Moses, who founded the company in 2013, said the new £40million investment was a "turning point" for the industry and would have a huge impact on the future of the sector.

He continued, saying: "The black cab is a globally recognised symbol of London - trusted, iconic, and deeply woven into the city’s identity. Yet for too long, it’s lacked a dedicated guardian committed to its modernisation.

Asher Moses said the £40million investment into Sherbet would help support the black cab sector in the coming years

"Our mission is to step into that role, not only to preserve its heritage, but to equip the trade with the technology, data and scale it needs to thrive in the current modern mobility landscape."

The investment will help Sherbet accelerate the development of a platform that allows drivers to access bookings, data, out-of-home advertising, and "advanced analytics to increase earnings and job security".

It will also invest in the next generation of Knowledge School entrants to ensure the long-term sustainability of one of London's most iconic jobs.

This was identified as a key aim in the Centre for London report, in a bid to keep and retain interest in the profession and keep London's roads moving.

Centre for London called for a reform of the Knowledge test to encourage more drivers to apply and qualify, given a staggering 66 per cent drop-out rate who start but do not complete the process.

Antonia Jennings, CEO of Centre for London, said it would be "unthinkable" for London taxis to become extinct by 2045, before calling on Mayor Sadiq Khan, TfL and central Government to act to protect the sector.

Sven Hansen, co-founder and managing partner at Hoplon Investment Partners, said he was proud to support the growth of Sherbet in the UK capital, in addition to its expansion abroad.

"Sherbet is redefining what it means to be a modern mobility company. Asher's vision blends the legacy of the black cab with a forward-thinking, data-led approach to electrification and driver empowerment," Mr Hansen concluded.

NHS Trusts are starting to roll out electric taxis to help drivers

The transition to electric taxis has even been adopted by the NHS Trust, with 12 LEVC TX vehicles for use at Guy's and St Thomas' to help take patients to and from the hospital.

While they are not black, they have the same look as a standard cab, but with the NHS logo and Trust name alongside high-visibility ambulance markings.

The vehicles are fully wheelchair accessible as standard, and have integrated ramps, a step, a swivel seat and braille switches.

Daniel Crossey, general manager of non-emergency patient transport at Guy's and St Thomas', said: "These new vehicles are more sustainable and accessible, but also look great. Everyone can identify a London cab – we've even had people try to flag one down on the street."