Geely buys British electric carmaker

China Zhejiang Geely Holding Group announced the acquisition of British electric-vehicle startup Emerald Automotive, the Shanghai-based Oriental Morning Post reported on Monday.

The acquisition would help Geely produce "next generation" taxis, including electric vehicles, said company spokesman Yang Xueliang.

The company did not publicize the sum of the deal, which was signed on Friday in London.

Geely paid $18.5 million for the bulk of assets of Manganese Bronze Holdings PLC, owner of the London Taxi Co, in 2013. The latter firm produces London's famous black cabs. Geely also acquired Sweden's Volvo Car Corp in 2010.