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Geely buys British e-car startup

British electric vehicle startup Emerald Automotive hasbeen acquired by Geelythe Chinese auto manufacturer,confirmed Li Shufuchairman of Zhejiang Geely HoldingGroupon the sidelines of the Chinese People's PoliticalConsultative Conference.


Victor Yanga Geely spokesmansaid the deal will help theChinese auto manufacturer promote its "next generationoftaxis and electric vehiclesaccording to Wall Street Journal.

Although the exact amount of the deal has not been revealed,but Geely has committed to investing at least $200 millionover the next five years to develop Emerald's electricvehicles.

Yang said Geely had plans to develop new energy cars forLondon Taxi CompanyGeely brought Manganese BronzeHoldings PLCthe owner of London Taxi Co and the makerof London's famous black cabs in February 2013.

 


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