Chinese automobile manufacturer Zhejiang Geely Holding has acquired UK-based electric-vehicle startup Emerald Automotive for an undisclosed amount.
According to Emerald, Geely will invest a minimum of $200m to help the company develop electric vehicles over the next five years. Currently, the electric vehicle firm plans to manufacture two models of electric delivery vans at a plant in Hazelwood, Missouri.
Zhejiang Geely Holding Group spokesman Victor Yang was quoted by The Wall Street Journal as saying that the acquisition would help the company generate next generation taxis, including electric vehicles.
"With the acquisition of Emerald, Geely agreed to maintain its loan commitments, including those pertaining to a proposed plant," Yang added.
According to Yang, Geely would manufacture vehicles in the US. The company also plans to develop new-energy vehicles for London Taxi first and later focus on taxi fleets in other markets including China.
Emerald chief executive Andy Tempest said that the deal would secure Emerald's long-term future.
"This is a fantastic opportunity, which will allow us to expand our current vehicle-development work in line with Geely Group's global vision," Tempest added.
Image: Geely has purchased Emerald Automotive. Photo: Courtesy of Emerald Automotive LLC.
