Shanghai (ZXZC)- China Mobile, a Chinese state-owned telecommunications operator, and Zhejiang Geely Holding Group (Geely Holding) entered into an agreement on Oct. 26 to carry out strategic cooperation in a number of fields including auto-related intelligent connectivity and autonomous driving.

Photo credit: Geely Holding

Under the agreement, both parties will conduct in-depth collaboration in such areas as 5G-enabled auto-related intelligent connectivity, autonomous driving, mobility service, low-orbit satellite communications, smart city, Industrial Internet, Home Internet, big data, AI, resource sharing as well as basic telecom services.

China Mobile said the strategic partnership will make both parties draw on each other’s strengths in resources, technologies and market influence. They will make joint efforts to promote the applications of 5G-enabled intelligent automobiles and smart mobility services.

“Geely will transform into a global innovative technology company,” said Li Shufu, chairman of Geely Holding. “Scientific and technological innovation is a must-go approach for enterprises’ progress and development, and enterprise’s progress and development cannot be divorced from science and technology innovation.”

Geely Holding's R&D expense in the recent decade totaled roughly 100 billion yuan ($14,958 billion), according to the speech the Chinese billionaire extended on September 20, 2019 at the 3rd Western China International Fair Import and Export Expo & Western China (Sichuan) International Investment Conference.

The Geely Automobile Holdings Limited (Geely Auto), a subsidiary of Geely Holding that has already been listed on Hong Kong Stock Exchange, is about to go public on Shanghai Stock Exchange's science and technology innovation board (STAR Market), which is designed to serve as a financing platform customized for high-tech enterprises.