China's automaker Geely officially launched its internet satellite project in Qingdao, Shandong province on April 6, with an investment of 4.12 billion yuan ($629.95 million). The Chinese automaker now rivals Tesla in terms of its forays into aerospace.

The project is located in the China-Shanghai Cooperation Organization Demonstration Zone for Local Economic and Trade Cooperation in Jiaozhou, a county-level city in Qingdao.

The internet satellite project of Geely Holding Group starts construction on April 6 in Qingdao, Shandong province. [Photo/guanhai.com.cn]

The project is aimed at building the country's first global low-orbit satellite constellation and will have a global satellite constellation business headquarters, a global satellite constellation survey and control center, a smart logistics application base, a smart ocean application base, an AI data operation center, a terminal module design, a research and development center, and other facilities.

The management committee of the China-SCO demonstration zone has organized a special team to guarantee the project is carried out successfully. The project took 60 days from initial contact to formal signing, and 90 days from land acquisition to the beginning of construction.

A rendering of the internet satellite project [Photo/guanhai.com.cn]

"The China-SCO demonstration zone is attractive to us not only for its location and environment, but also for its sincerity. Local officials have visited Geely Holding Group many times to discuss cooperation matters and promote the implementation of this project," said Xu Zhihao, a senior manager at Geely Holding Group.

"We hope that after five to ten years, a satellite industrial chain system including manufacturing, launching, and application will take shape in Qingdao," said Lu Yang, a local official.

"The satellite industry can be built into an advantageous industrial cluster with breakthroughs in key technologies, unique industrial applications, and the sharing of product testing services, contributing to local high-quality development," added Lu.