A satellite factory of Chinese automaker Geely Holding Group will start production this year after authorities approved the commercial satellite-manufacturing project.

Owned by Geely's subsidiary, Geely Technology Group, in Taizhou in east China's Zhejiang Province, the satellite factory was approved by the National Development and Reform Commission on Thursday. It is the country's first company-led commercial satellite production facility with aerospace manufacturing and automobile manufacturing capabilities.

The first equipment parts have arrived in the factory and will go into production in October. It will have an annual output of more than 500 satellites, according to the company.

Geely said it established an industrial chain of satellite development, production, launch, and market applications. Enditem