The founder of Chinese carmaker Geely, Li Shufu, wants to get into the smartphone business. According to a memo obtained by Reuters, Li and other investors plan to invest around $1.5 billion in the venture. As early as 2023, the newly formed company Xingji Shidai is expected to launch its first premium smartphone and sell three million devices in its first year. The company is to be based in Wuhan.
Li’s conglomerate would be the first vehicle maker to also offer smartphones. “There is a close connection in technologies within intelligent vehicle cockpits and smartphone technologies,” Li said. Conversely, telecom companies such as Xiaomi and Huawei have announced plans to increase focus on the car business in the future (China.Table reported). Li is known for his daring investments. Most recently, Li had invested in the Volocopter, a flying taxi (China.Table reported). niw
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