BEIJING (Reuters) - China’s Zhejiang Geely Holding Group plans to set up a commercial aerospace company to develop its satellite and communications technologies in the southern city of Guangzhou, local government said on Tuesday. Geely, which owns Volvo Cars and 9.7% of Daimler AG, will also work with other rocket companies in Guangzhou, the government said. The company was not immediately available for comment after usual business hours. Geely is building low-orbit satellites to meet demand for high-speed connectivity capabilities that can deliver fast software updates. From around 2025, Geely’s cars will have more functions to connect to the satellites.