Manganese Bronze, the maker of London's black cabs, has warned it will report a loss for 2011 because of the weak UK and global economy.
The move was part of £16 million agreement between Manganese Bronze and Baku Taxi Company.
Manganese Bronze had lined up a major sale of 1,000 taxis to Azerbaijan for 2011.
Manganese Bronze is now valued at just £8.7m.
Geely has a tie-up with Manganese Bronze, the London taxi maker, and is eyeing a move for Volvo.
They were taken over by Manganese Bronze in 1973.
Manganese Bronze announces its decision to focus on its taxi business.
Manganese Bronze has experienced more than one economic cycle.
After disposing of the motorcycle manufacturing arms, Poore continued to head Manganese Bronze as a taxi and component manufacturer until his death in 1987.
Christopher Ross, a deputy chairman of Manganese Bronze who manufacture London taxis.