October 20, 2021

Founder of Chinese car maker Geely launches smartphone venture

A building of the Geely Auto Research Institute is seen in Ningbo, Zhejiang province, China August 4, 2017. REUTERS/Aly Song/Files

SHANGHAI, Sept 28 (Reuters) – Chinese automaker Zhejiang Geely Holding (GEELY.UL) said on Tuesday its founder, Eric Li, has launched a new company to make smartphones, entering the highly competitive handset sector as cars increasingly become connected devices.

The move is another foray beyond autos for the owner of Volvo, and marks a reverse of a recent wave of consumer hardware firms venturing into the manufacturing of vehicles.

The new company, Hubei Xingji Shidai Technology Co Ltd, has signed an agreement to set up a headquarters in the central city of Wuhan, where it will develop smart devices including smartphones, according to Geely.

Public records show that Eric Li, also known as Li Shufu, owns 55% of the company.

Xingji Shidai will aim to position…

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