Geely acquires British electric startup Emerald

Private-sector vehicle producer Zhejiang Geely Holding Group Co confirmed on Monday the acquisition of British electric startup company Emerald Automotive after a year of negotiations, promising investment of at least $200 million over the next five years for development of its vehicles.

"The purchase is part of our technological development of new-energy vehicles," said Li Shufu, founder and chairman. He didn't disclose terms of the transaction, which was finalized on Friday.

Victor Yang, spokesman for Geely, said the purchase is intended to expand the British electric taxi market first.