Chinese billionaire Li Shufu spent the past decade expanding his auto empire buying Volvo, a stake in Daimler AG and a startup that is building flying cars. Now he’s looking to reinvent the bullet train.
Li’s Zhejiang Geely Holding Group signed an agreement Tuesday with state-owned China Aerospace Science and Industry Corp. to build “supersonic trains” using homegrown technology. Under the pact, both companies will pool their capabilities to focus on developing what they call next-generation vehicles and mobility technology.
