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.
(Reporting by Yilei Sun and Tony Munroe; Editing by Edmund Blair) ((Y.Sun@thomsonreuters.com; +86 10 66271262; Reuters Messaging: y.sun.thomsonreuters.com@reuters.net))
