Chinese company invests more than $ 320 million in a new enterprise which contributes to the release of low-orbit satellites for more accurate communication.
The Chinese company Geely to invest 2.27 billion yuan (about 326 million dollars) to build a new enterprise, where to establish production of low-orbit satellites that can provide more accurate data for the car with the autopilot. It is reported by Automotive News.
The new plant will be built in Taizhou, where Geely already has its own auto production. By 2025, the Chinese are going to produce up to 500 satellites annually. At the moment, the project employs about 300 highly skilled professionals.
A network of low-orbit satellites to provide high-speed Internet access, accurate navigation and cloud services for machines with automatic control systems, software which can be updated over the air.
Earlier it was reported that the leaders of the Chinese automaker Geely Automobile and its subsidiary Volvo to discuss the possibility of merging into a single company. Geely bought Volvo from Ford in 2010, but since then the Swedes operate as a separate firm. In Volvo noted that the business combination will create a powerful international group, and will also increase the level of financial and technical support.
In addition, the merger should strengthen the position of the vehicle manufacturer in the global market, to better compete with larger players, such as Volkswagen or the new Alliance between PSA and Fiat Chrysler Automobiles.