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Chinese carmaker Geely buys British EV maker

Zhejiang Geely Holding Group Co has acquired British electric vehicle manufacturer Emerald Automotive.

The Chinese car maker says that the acquisition will help the company generate "next generation" taxis, including electric vehicles.

Last year Geely acquired the principal assets of Manganese Bronze Holdings - owner of the London Taxi Co which manufactures black cabs - for £11 million, and it bought Swedish carmaker Volvo in 2010.

Emerald said Geely had committed to investing a minimum of £120 million over the next five years to help develop Emerald's electric vehicles.

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

Emerald chief executive Andy Tempest said that the deal would secure Emerald's long-term future. He added: "This is a fantastic opportunity, which will allow us to expand our current vehicle-development work in line with Geely Group's global vision.”

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