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Geely chairman’s smartphone project aims for 2023 product launch

by Mike Robinson

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© Reuters. Geely logo seen in a Shanghai car dealership, China on August 17, 2021. Picture taken August 17, 2021. REUTERS/Aly Song/Files

SHANGHAI (Reuters) – A smartphone venture launched by the chairman of Chinese automaker Zhejiang Geely Holding aims to roll out its first phone by 2023 and to sell 3 million units in the first year, according to an internal memo seen by Reuters.

Eric Li (also known as Li Shufu) launched on Tuesday a company Geely claimed would produce premium smartphones and enter the competitive smartphone sector.

Geely announced that Hubei Xingji Shidai Technology Co Ltd has agreed to establish a headquarters at Wuhan, a city in central China.

According to the memo, it will receive a $10 billion ($1.55 billion), investment. It also targets revenue of 10 million yuan its first year.

The memo stated that the project aims to generate 150 billion dollars in cumulative revenues over eight years, and employ 3,000 workers.

Geely did not respond to requests for comment.

($1 = 0.1547 renminbi)

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