Geely buys British e-car startup

British electric vehiclestartup Emerald Automotive has been acquired by Geely, the Chinese auto manufacturer, confirmed Li Shufu, chairman of Zhejiang Geely Holding Group, on the sidelines of the Chinese People's Political Consultative Conference.

Victor Yang, a Geely spokesman, said the deal will help the Chinese auto manufacturer promote its "next generation" of taxis 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 million over the next five years to develop Emerald's electric vehicles.

Yang said Geely had plans to develop new energy cars for London Taxi Company. Geely brought Manganese Bronze Holdings PLC, the owner of London Taxi Co and the maker of London's famous black cabs in February 2013.