Home Stock Geely chairman's smartphone project aims for 2023 product launch - memo

Geely chairman’s smartphone project aims for 2023 product launch – memo

imageStock Markets24 minutes ago (Sep 28, 2021 05:10AM ET)

(C) Reuters. The Geely logo is seen at a car dealership in Shanghai, China 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, on Tuesday launched a company that Geely said would make premium smartphones, entering the highly competitive handset sector.

Geely said Hubei Xingji Shidai Technology Co Ltd, had agreed to set up a headquarters in the central Chinese city of Wuhan.

The project will be funded with a 10 billion yuan ($1.55 billion) investment and is also targeting revenue of 10 billion yuan in its first year, the memo said.

It aims to achieve cumulative revenue of 150 billion yuan within eight years and to employ 3,000 people, the memo said.

Geely declined to comment.

($1 = 0.1547 Chinese yuan renminbi)

Geely chairman’s smartphone project aims for 2023 product launch – memo

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Subscribe here

Categories

Must Read