Geely’s Li Shufu officially sets foot in premium smartphone industry

Beijing (Gasgoo)- Today, Geely’s founder, Li Shufu, officially announced his entry to the smartphone industry and signed a strategic agreement with Wuhan Economic and Technological Development Zone.

photo credit: Geely

The recent rumor about Li’s phone-making endeavor is finally made official. The auto mogul’s smartphone business will be operated through Hubei Xingji Shidai Technology Co. Ltd., a company co-founded by Li Shufu with 55% in stake. The goal is to target the high-end smartphone market, integrating technologies and resources worldwide, serving the global market.

Notably, the Xingji Shidai Technology Co. Ltd. was registered on September 26th. The other main shareholder at 30% is Shen Ziyu, co-founder and CEO of car technology startup ECARX, which he founded with Li Shufu.

As smartphones are a crucial terminal for people’s daily lives, the market for better and more intelligent phones has great potential. By virtue of Geely and Volvo’s mature ecosystem of design, development, high-end intelligent manufacturing, and industry chain management experience, adding its ongoing satellite network layout, Li Shufu’s smartphone business and automotive intelligence transformation will be synergetic and mutually beneficial from the new endeavor.

According to the auto mogul, as a carrier of software innovation, a smartphone is media transferring the safe and reliable fruits of innovation onto vehicles, realizing close interaction between vehicles and mobile software technologies. The phones can connect V2X (vehicle to everything) and satellite internet to create user ecosystems across borders, providing users with a more convenient, smarter, and seamlessly connected multi-screen experiences.