The London Electric Vehicle Company (LEVC) is holding off from launching its new van based on its hybrid London taxi.

The Geely-owned firm has put the decision down to 'stiffer competition and global market changes', according to Automotive News Europe.

LEVC commercial vehicle spy photo

Development for the van had been completed and it was expected to be launched this year, but it now looks set to arrive in two years time at the earliest.

"Like the rest of the industry, we are facing a number of macro challenges, stiffer competition and developing technology," LEVC CEO Chris Gubbey told the outlet.

LEVC commercial vehicle spy photo

The van is being developed by Geely’s New Energy Commercial Vehicles (GVC) company to make it viable for the Chinese market, but it will still be built in Britain for the European market. It is expected to make up half the output of LEVC's Coventry plant by 2022 – roughly 5,000 units a year. It sold 1,200 hybrid TX taxis last year.

The make-up of the van is also changing. While it will remain a plug-in hybrid as planned, it will no longer be based on the Taxi architecture, which itself shares a lot in common with the Volvo XC90.

LEVC commercial vehicle spy photo

"The architecture is not 100 percent set, but it will be a new development," said Gubbey. "That’s what’s driving the timing difference."

The change in architecture for the van will help it bring the price down, having initially expected to out-price its target market. It will still be pricey though, expecting to cost in the region of £56,000, much like LEVC's TX taxi. That will also allow it to compete with the likes of Ford and Peugeot which are both planning to release hybrid and electric vans respectively.

Gallery: LEVC commercial vehicle spy photos