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Geely plans to launch hundreds of satellites to guide autonomous cars

BEIJING — China's Zhejiang Geely Holding Group said on Tuesday it was investing 2.27 billion yuan ($326 million) in a new satellite manufacturing plant, where it plans to build low-orbit satellites to provide more accurate data for self-driving cars. Geely, one of China's most internationally-known companies due to its investments in Daimler, Volvo and Proton, is building the facilities in Taizhou, where it has car plants. It aims to produce 500 satellites a year by around 2025, with around 300 highly-skilled staff, it said in a statement. Geely's technology development arm, Geely Technology Group, launched Geespace to research, launch, and operate low-orbit satellites in 2018. Geespace will begin the launch of its commercial low-orbit satellite network by the end of this year, Geely said. Geely said low-orbit satellites would offer high speed internet connectivity, precise navigation, and cloud computing capabilities to cars with autonomous driving technology. Geely, which sold 2.18 million cars last year, is among global automakers from Tesla to Toyota to pursue autonomous driving technologies. It is building low-orbit satellites to meet demand for high-speed connectivity capabilities that can deliver fast software updates. From around 2025, Geely's cars will have more functions to connect to the satellites. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.     Green Plants/Manufacturing Mercedes-Benz Volvo Emerging Technologies Autonomous Vehicles

2025 Volvo EX90 enters production after being delayed last year

After a delay of about eight months, Volvo's Ridgeville, South Carolina plant is now assembling the EX90 battery-electric SUV. Volvo's original plan was to get its new flagship in production toward the end of 2023 so that dealers might have models in showrooms early this year. There's also the reservation list, which filled so quickly that Volvo shut it down sooner than anticipated. However, after the car's November 2022 reveal, Volvo engineers confronted unexpected complexities with its software stack. In May 2023, the automaker officially delayed the start of production until the first half of this year. Part of the complexity was the brain in Volvo's EV push, the new VolvoCars.OS software platform running on a new "core computing" system developed with Nvidia and using the tech company's Drive Orin chips — the same chips Rivian uses for its new, streamlined electrical architecture in the Gen 2 R1 models. In Volvo's words, the core computing system "is made up of three main computers. These support each other in operating vision processing and artificial intelligence, general computing and infotainment respectively," this fundamental change in vehicle brain layout allowing the automaker "to gradually separate hardware from software. This means the company can introduce more frequent hardware cycles, so that new Volvo models can be equipped with the latest available hardware." Rowan said he believes the delay will ease the path for what's coming; the code written for the EX90 will see use elsewhere in the lineup, what the coders learning during this hiccup serving the automaker all the way through to an eventual transition to the Global Product Architecture that will succeed the EX90's SPA2 architecture. Back to the South Carolina plant, the first customer car off the line, done up in Denim Blue, will be delivered later this year. The plant's got more good news as well from the other vehicle it builds, the S60 sedan, with year-to-date sales up 255% compared to 2023. Related video: 2024 Volvo EX90 exterior and interior walkaround review

Daimler rebuffs Geely offer to buy stake

HONG KONG/BEIJING - Daimler AG has turned down an offer from China's Geely to take a stake of up to 5 percent via a discounted share placement, as the German automaker has long been reluctant to see existing shareholdings diluted, sources with knowledge of the talks said. A stake of that size would be worth $4.5 billion at current market prices. Although Daimler declined the offer, it told Geely it was welcome to buy shares in the open market, the sources added. Carmakers in China have embarked on a flurry of dealmaking, as they scramble to boost production of electric and plug-in hybrid vehicles ahead of tough new quotas to be imposed by Beijing, which wants to reduce urban smog and lower the country's reliance on oil. People with knowledge of Geely's thinking said the company was keen to access Daimler's electric car battery technology and wanted to establish an electric car joint venture in Wuhan, the capital of Hubei province. Geely, which also owns Swedish car maker Volvo, is still hopeful it can secure a deal in some form over the coming weeks, they added. The two automakers met in Beijing in recent weeks at Geely's behest. There, the Chinese firm, formally known as Zhejiang Geely Holding Group, offered to take a stake of between 3 percent and 5 percent if Daimler would issue new shares at a discount, the sources said. It was not immediately clear what kind of discount for the shares Geely had in mind or whether Geely was interested in buying the shares on the open market. A spokesman for Geely declined to comment. A spokesman for Daimler said the company was "very happy with our shareholder structure at present", but added that it would welcome new investors with a long-term interest in the company. Shares in Daimler were up 1 percent in early Wednesday trade, in line with the broader market.DAIMLER ALREADY TIED TO BAIC, BYD Geely, which has a market value of some $32 billion, is the leading domestic brand in China with a 5 percent market share, according to an analysis by Nomura Securities. A stake of 5 percent would establish it as Daimler's third-largest shareholder behind the Kuwait Investment Authority and BlackRock, who hold 6.8 percent and 6 percent respectively, according to Reuters data.