China’s Geely sets sights on aerospace
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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.
Questions & Answers
Q.What is the primary aim of Geely's new commercial aerospace company?
What is the primary aim of Geely's new commercial aerospace company?
The new company aims to develop and advance satellite and communications technologies in Guangzhou. This includes building low-orbit satellites to provide high-speed connectivity for various applications.
Q.Where will Geely's new aerospace operations be based?
Where will Geely's new aerospace operations be based?
Geely's commercial aerospace operations, focusing on satellite and communications technology, will be based in Guangzhou. The company also plans to partner with rocket companies located in the same city.
Q.How did Geely's financial performance in 2020 compare to the previous year?
How did Geely's financial performance in 2020 compare to the previous year?
Geely reported a profit of US$850 million in 2020. This represented a 32 percent drop in net profit compared to the previous year, primarily due to the impact of the pandemic on auto sales.
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