China apos;s Geely To Set Up New Aerospace Company

BEIJING, March 30 (Reuters) - China's Zhejiang Geely Holding Group plans to set up a commercial aerospace company to develop its satellite and communications technologies in the southern city of Guangzhou, local government said on Tuesday.

Geely, which owns Volvo Cars and 9.7% of Daimler AG , will also work with other rocket companies in Guangzhou, the government said.

The company was not immediately available for comment after usual business hours.

Geely is building low-orbit satellites to meet demand for high-speed connectivity capabilities that can deliver fast software updates.

From around 2025, tour quảng châu Geely's cars will have more functions to connect to the satellites.

(Reporting by Yilei Sun and kynghidongduong.vn Tony Munroe; Editing by Edmund Blair)