Business & Finance
China's Geely to set up new aerospace company
- Geely, which owns Volvo Cars and 9.7% of Daimler AG , will also work with other rocket companies in Guangzhou, the government said.
- Geely is building low-orbit satellites to meet demand for high-speed connectivity capabilities that can deliver fast software updates.
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BEIJING: China's Zhejiang Geely Holding Group plans to set up a commercial aerospace company to develop its satellite and communications technologies in the southern city of Guangzhou, local government said on Tuesday.
Geely, which owns Volvo Cars and 9.7% of Daimler AG , will also work with other rocket companies in Guangzhou, the government said.
The company was not immediately available for comment after usual business hours.
Geely is building low-orbit satellites to meet demand for high-speed connectivity capabilities that can deliver fast software updates. From around 2025, Geely's cars will have more functions to connect to the satellites.