British electric vehicle startup Emerald Automotive hasbeen acquired by Geely, the Chinese auto manufacturer,confirmed Li Shufu, chairman of Zhejiang Geely HoldingGroup, on the sidelines of the Chinese People's PoliticalConsultative Conference.
Victor Yang, a Geely spokesman, said the deal will help theChinese auto manufacturer promote its "next generation" oftaxis and electric vehicles, according 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 Company. Geely brought Manganese BronzeHoldings PLC, the owner of London Taxi Co and the makerof London's famous black cabs in February 2013.