Index Investing News
Monday, November 17, 2025
No Result
View All Result
  • Login
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
No Result
View All Result
Index Investing News
No Result
View All Result

Chinese carmaker adds satellites in Musk SpaceX territory

by Index Investing News
February 4, 2024
in Financial
Reading Time: 3 mins read
A A
0
Home Financial
Share on FacebookShare on Twitter

A Chinese rocket launched a group of communications satellites produced by one of the country’s largest carmakers, boosting the nation’s efforts to catch up in low-Earth orbit — an area dominated by Elon Musk’s SpaceX.

Eleven satellites made by Geespace, a subsidiary of Zhejiang Geely Holding Group Co., lifted off aboard a Long March CZ-2C rocket from the Xichang Satellite Launch Center in Sichuan province on Saturday at 7.37 a.m. local time, state broadcaster CCTV reported.

For Geespace, it’s the long-awaited second such launch following an initial batch of nine satellites it sent to orbit in mid-2022.

Geespace wants to deploy a network of satellites some 600 kilometers (373 miles) above the Earth that can one day link to driverless cars and support other features in Geely vehicles. The company also hopes they will be able to provide links for consumer electronics. As competition in China’s auto market heats up and space infrastructure improves, satellite communications are becoming another important selling point to consumers. 

“Right now, I might have satellite function and you don’t,” Geespace Chief Executive Officer Tony Wang said in an interview with Bloomberg News before the launch. “But in the future, everyone will be equipped with the feature, and also every car.”

Wang referred to two smartphones in Huawei Technologies Co.’s Mate series, which support satellite-enabled dialing and also connect to China’s Beidou satellite navigation system. Geespace’s satellite communication is now available in several of Geely group’s EVs, including the Zeekr 001 FR and 007, and the Galaxy E8.

China has made major strides in developing its space program, including landings on Mars and the far side of the moon, and has plans for a “rapid establishment” of a “massive” constellation in low-Earth orbit, the Global Times reported in late December. 

China, Russia Disguise Threats Posed by Satellites, US Says (1)

However, state-owned enterprises so far have been slow in building that low-Earth orbit presence, and the Geely subsidiary is one of the only private-sector companies to try operating satellites there. SpaceX operates more than 5,300 satellites in low-Earth orbit and continues to launch dozens more every month.

This weekend’s launch came more than 18 months after Geespace deployed its first batch of satellites. The company now faces a tight schedule if it hopes to meet its goal of deploying the constellation’s 72-satellite first phase by next year.

“To establish this satellite constellation, we need to set up the network, on-the-ground infrastructure and also push forward the commercialization of cloud service,” Wang said. “It is a lot of pressure.”

The group’s billionaire founder and Chairman — Li Shufu — owns almost 10% of Mercedes-Benz Group AG, and Geely owns stakes in other foreign automakers such as Volvo AB and Lotus Technology Inc. Li also picked Geespace’s Chinese name, which means a path in time and space.

Spy Satellite Race in Asia Heats Up with Japanese Rocket Launch

Geely was China’s third-largest auto exporter last year, behind only SAIC Motor Corp. and Chery Automobile Co. Geespace plans to one day offer its service globally, Wang said, “to provide real-time satellite communication anywhere in the world except the north and south poles.”

In 2021, Geespace completed the construction of a factory in the eastern Chinese city of Taizhou that’s capable of producing 500 satellites a year. The company has sold dozens of those satellites to Chinese startups, universities and others involved in space, Wang said. 

“The next race for the EV sector is self driving and the Internet of Things service. Telecommunications infrastructure is also moving from 5G to 6G. One of its key features is the wide use of satellite communications and navigations network,” Wang said. “We think the demand and the size for this market will reach an inflection point very soon.”

Subscribe to the Eye on AI newsletter to stay abreast of how AI is shaping the future of business. Sign up for free.



Source link

Tags: addscarmakerChineseMusksatellitesSpaceXterritory
ShareTweetShareShare
Previous Post

The Sikh kitchen that feeds Manila’s moneylenders | Fork the System

Next Post

Pebble Beach Pro-Am: Wyndham Clark shoots course-record 60 to earn one-shot lead ahead of final round | Golf News

Related Posts

Israel’s economic system grew at 12.4% in Q3

Israel’s economic system grew at 12.4% in Q3

by Index Investing News
November 16, 2025
0

GDP development recovered strongly within the third quarter of 2025, after the economic system contracted in the course of the...

Rs 3,000 SIP Vs Rs 3 Lakh Lump Sum: Which One Is Higher?

Rs 3,000 SIP Vs Rs 3 Lakh Lump Sum: Which One Is Higher?

by Index Investing News
November 12, 2025
0

Placing Rs 3 lakh into the market abruptly exposes your whole funding to present market traits. If the market occurs...

India clinch T20I sequence in opposition to Australia as rain washes out fifth T20I

India clinch T20I sequence in opposition to Australia as rain washes out fifth T20I

by Index Investing News
November 8, 2025
0

Brisbane: India's Abhishek Sharma completes a run through the fifth T20I cricket match of a sequence between India and Australia,...

ACI Worldwide expands with Cost Elements takeover

ACI Worldwide expands with Cost Elements takeover

by Index Investing News
November 4, 2025
0

ACI Worldwide has accomplished the acquisition of Cost Elements, a Greek-based fintech specialising in AI-driven monetary messaging and open banking...

Vedanta Q2 Outcomes: Cons revenue plunges 59% YoY to Rs 1,798 crore on distinctive lack of Rs 2,067 crore

Vedanta Q2 Outcomes: Cons revenue plunges 59% YoY to Rs 1,798 crore on distinctive lack of Rs 2,067 crore

by Index Investing News
October 31, 2025
0

Metallic main Vedanta on Friday reported a 59% decline in its consolidated Q2 internet revenue at Rs 1,798 crore, in...

Next Post
Pebble Beach Pro-Am: Wyndham Clark shoots course-record 60 to earn one-shot lead ahead of final round | Golf News

Pebble Beach Pro-Am: Wyndham Clark shoots course-record 60 to earn one-shot lead ahead of final round | Golf News

UBS forecasts copper pricing amidst supply challenges By Investing.com

UBS forecasts copper pricing amidst supply challenges By Investing.com

RECOMMENDED

IBM bets on cloud power for growth. What investors need to know

IBM bets on cloud power for growth. What investors need to know

December 25, 2023
Your Cash Information to Monetary Independence

Your Cash Information to Monetary Independence

April 21, 2025
A Short History of Stocks

A Short History of Stocks

April 12, 2024
Survivor’s Island Sweethearts Offer Relationship Update Since Filming Wrapped

Survivor’s Island Sweethearts Offer Relationship Update Since Filming Wrapped

April 14, 2023
Is Hoda Kotb Leaving ‘In the present day’? The place She’s Going – Hollywood Life

Is Hoda Kotb Leaving ‘In the present day’? The place She’s Going – Hollywood Life

November 28, 2024
CIA Planted Nord Stream Cover-Up Story

CIA Planted Nord Stream Cover-Up Story

March 24, 2023
Supreme Court allows civil marriage in Israel via Zoom

Supreme Court allows civil marriage in Israel via Zoom

March 8, 2023
Microsoft, Qcells strike massive supply deal for US-made solar panels By Reuters

Microsoft, Qcells strike massive supply deal for US-made solar panels By Reuters

January 8, 2024
Index Investing News

Get the latest news and follow the coverage of Investing, World News, Stocks, Market Analysis, Business & Financial News, and more from the top trusted sources.

  • 1717575246.7
  • Browse the latest news about investing and more
  • Contact us
  • Cookie Privacy Policy
  • Disclaimer
  • DMCA
  • Privacy Policy
  • Terms and Conditions
  • xtw18387b488

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In