BEIJING -- Zhejiang Geely Holding Group said on Tuesday it was investing 2.27 billion yuan ($326 million) in a new satellite manufacturing plant, where it plans to build low-orbit satellites to provide more accurate data for self-driving vehicles.
Geely, with investments in Daimler, Volvo and Proton, is building the factory in Taizhou, where it has light-vehicle assembly plants. It aims to produce 500 satellites a year by around 2025, with around 300 highly-skilled staff, it said in a statement.
Geely's technology development arm, Geely Technology Group, launched Geespace to research, launch, and operate low-orbit satellites in 2018.
Geespace will begin the launch of a commercial low-orbit satellite network by the end of this year, Geely said.
Geely said low-orbit satellites would offer high-speed Internet connectivity, precise navigation and cloud computing capabilities to vehicles with autonomous driving technology.
Geely, which sold 2.18 million vehicles last year, is among global automakers from Tesla to Toyota pursuing autonomous driving technologies.
It is building low-orbit satellites to meet demand for high-speed connectivity capabilities that can deliver fast software updates. Starting in 2025, Geely's cars will have more functions to connect to the satellites.
