19 August 2019

Geely buys UK electric car start-up, WSJ says

Zhejiang Geely Holding Group Co. Ltd. has acquired British electric-vehicle start-up Emerald Automotive for an undisclosed sum, the Wall Street Journal reported over the weekend. The acquisition would help Geely build “next generation” taxis, including electric vehicles, Victor Yang, a spokesman of the Chinese carmaker, was quoted as saying. Emerald has developed prototypes of two models of electric delivery vans, which the company has plans to build at a plant in Hazelwood, Missouri. Geely has committed to invest at least US$200 million over the next five years to help develop Emerald’s electric vehicles, the report said.

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