The revolutionary TX1 modelled here was designed, developed and built in 1997. It's iconic predecessor, the Austin FX3 was produced between 1948 (the year of the last Olympics to be hosted in London) and 1959. The famous black cab is universally recognised as a symbol of London. The name taxi derives from the taximeter, the instrument which measures the distance travelled or the time taken, thus allowing an accurate fare to be determined. This device was invented in 1891 by Wilhelm Bruhn.