DOMESTIC automaker Zhejiang Geely Holding Group Co. said Saturday that it has acquired British electric vehicle startup Emerald Automotive for an undisclosed sum.

    Victor Yang, a spokesman for Geely, said the purpose of the acquisition was to help the firm boost its ability to generate “next generation” taxis, including electric taxis. The deal was signed Friday in London.

    In February 2013, Geely acquired the principal assets of Manganese Bronze Holdings — owner of the London Taxi Co., which manufactures the city’s black cab — for around US$18.5 million.

    Geely bought Sweden’s Volvo Car Corp. in 2010.

    While the investment amount for the Emerald deal wasn’t revealed, a statement from Emerald said Geely had committed to investing a minimum of US$200 million over the next five years to develop Emerald’s range of electric vehicles.

    Emerald currently has developed prototypes of two models of electric delivery vans, , which the company has plans to build at a plant in Hazelwood, Missouri of the United States.

    With the acquisition of Emerald, Geely agreed to “maintain its loan” commitments, including those pertaining to a proposed plant, Yang said.

    Gary Marble, a spokesman for Emerald, put that amount at around US$5 million for loans previously secured from the state of Missouri and the city of Hazelwood.(SD-Agencies)