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Founder of Chinese automaker Geely plans to make smartphones

Li Shufu, the founder and chairman of Chinese automaker Geely, announced plans on Tuesday to enter the country’s smartphone market. Li had formed a new company called Hubei Xingji Shidai Technology, aiming to release its first premium phone model by 2023. Li owns 55% of the new smartphone company, which is headquartered in the central city of Wuhan and partnering with the local government. [Reuters]

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