China's Geely To Set Up New Aerospace Company

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.

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