China’s Zhejiang Geely Holding Groups, a global mobility technology group has plans to set up a commercial aerospace company, as announced by the local government.
The company will develop and advance satellite and communications technologies in Guangzhou, by building low-orbit satellites to deliver high-speed connectivity. Geely will also be partnering with other rocket companies in Guangzhou.
Geely owns Volvo Cars and 9.7 percent of Daimler AG. Last month, Geely posted a profit of US$850 million in 2020, representing a 32 percent drop in net profit as compared to the previous year as auto sales took a hit amid the pandemic.