Sunday, July 14, 2024
BusinessGeely chairman's phone-making company officially established

Geely chairman’s phone-making company officially established

As mobile phone giants enter the car-making field, Geely is moving in the opposite direction.

The cell phone company founded by Geely Holding Group Chairman Eric Li signed a strategic cooperation agreement with the Wuhan Economic and Technological Development Zone on September 28, officially announcing its entry into the phone-making sector, Geely said Tuesday.

The company, called Hubei Xingji Shidai Technology Co Ltd, will establish its headquarters in Wuhan and aims to make high-end smartphones to serve the global market, according to a press release sent to CnEVPost.

Xingji Shidai is positioning itself in the premium segment of the smart phone market by giving full play to Geely‘s extensive experience in design, R&D, high-end smart manufacturing, industrial chain integration, vehicle intelligence, software development, and global infrastructure including its planned low-orbit satellite network, Geely said.

“Mobile phones and devices have quickly evolved into mobile terminals and application platforms which not only allow users to enjoy the fruits of innovation in the quickest manner possible, they also act as a pathway to greater automotive applications,” Li said.

“There is a close connection in technologies within intelligent vehicle cockpits and smartphone software technologies. The major trend in the coming future is to create user ecosystems across borders and provide users with a more convenient, smarter, and seamlessly connected multi-screen experience,” Li added.

Separately, according to data provider Qichacha, Xingji Shidai was officially established on September 26 with a registered capital of RMB 80 million yuan.

The company’s business scope includes mobile terminal equipment manufacturing and sales, integrated circuit chip and product manufacturing, 5G communication technology services, and software development.

Its chairman is Li, who holds 55 percent of the shares. Its legal representative, Shen Ziyu, serves as director and general manager, holding 30% of the shares.

Shen is the CEO of ECARX, an automotive intelligence technology company co-founded by Li and Shen.

Geely is the first Chinese car company to enter the cell phone manufacturing sector at a time when cell phone makers are coveting the auto industry.

On March 30, Xiaomi officially announced its plans to establish a wholly-owned subsidiary to handle its smart electric car business.

Xiaomi’s initial investment in the automotive business is RMB 10 billion, with an expected investment of $10 billion over the next 10 years.

Rumors that OPPO would jump on the car-making bandwagon began to emerge at the end of April, and the company’s actions since then seem to be corroborating those reports.

At the end of April, 36kr cited sources familiar with the matter as saying that OPPO was already preparing to build a car and that, like Xiaomi, the driving force behind OPPO’s plan was founder Chen Mingyong.

This article was first published by Phate Zhang on CnEVPost, a website focusing on new energy vehicle news from China.

CnEVPost is a website focused on the coverage of the new energy vehicle industry in China. As with our original intent for CnTechPost, there are a lot of interesting things happening in the Chinese EV industry every day, but they are not covered by the mainstream English language media. We're here to keep track of what's happening in the Chinese EV industry and strive to be the first to publish what we see in English.