- September 28, 2021
- Posted by: Stratford Team
- Category: Business
Logo of Chinese automaker Geely Auto.
Zhang Peng | Getty Images
GUANGZHOU, China — Chinese automaker Geely Holding is jumping into the smartphone business after its founder set up a new company.
Hubei Xingji Shidai Technology Co. Ltd, founded by Eric Li, signed a strategic cooperation agreement with Wuhan Economic and and Technological Development Zone, to make mobile phones, according to Geely.
The company will be headquartered in Wuhan and will focus on “integrating global technologies and resources to develop premium smart devices including smart phones to global consumers,” Geely said in a press release.
Geely’s entry into smartphones highlights the automaker’s drive to tap into new areas which has seen the company venture into satellites and flying cars.
China’s smartphone shipments declined 17% year-on-year in the second quarter of this year, according to research firm Canalys. Globally, shipments grew more than 13%, IDC data shows.