Low earth Orbit News Satellite Space News

Chinese billionaire Li Shufu launches satellite venture similar to SpaceX

The company plans to begin the launch of commercial low-orbit satellites by the end of 2020.

Chinese billionaire Li Shufu has announced a new venture to launch satellites, rivalling Elon Musk’s SpaceX.

Li Shufu, the owner of Zhejiang Geely Holding Group, a Chinese automotive giant in control of Volvo Cars, is hoping the satellites will work towards the development of autonomous vehicles by offering “highly accurate” navigation solutions.

Geely has already started building a production-and-testing centre in Taizhou, Zhejiang province, the company said in a press statement.

Geely’s satellites will be deployed by Geespace, an operating unit established in 2018 for the development of low-orbit satellites.