Geely Group Buys Electric Vehicle Maker Emerald Automotive
More companies are making a play to turn their fleet delivery and servicing vehicles into more environmentally friendly machines. This comes as a result of tax cuts as well as increasing fuel prices. To enter into the growing segment, Chinese Geely Group has purchased Emerald Automotive, a company that sells those types of vehicles.
The automaker, which purchased Volvo in 2010, has been trying to expand their global reach for the last decade. This is a growing industry that has a stronger barrier to entry than most because of the preexisting relationships that many large companies already have with their vehicle suppliers. Purchasing a company rather than trying to break into the segment on their own is a smart move.
“This is a fantastic opportunity which will allow us to expand our current vehicle development work in line with Geely Group’s global vision,” says Andy Tempest, CEO of Emerald Automotive.
This move also expands the reach of the company in Europe and the United States as they have their headquarters in the United Kingdom and facilities in Missouri.