Geely and Lu Chang Sign Landmark 100,000-Terminal Procurement Contract

May 30
09:39

2024

jodie mht

jodie mht

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Geely has recently inked a significant procurement contract with Lu Chang, marking a pivotal moment in the automotive and technology sectors. This agreement, which involves the acquisition of 100,000 terminals, underscores the growing collaboration between industry giants and academic institutions to foster innovation and talent development.

Summary

Geely's recent procurement contract with Lu Chang for 100,000 terminals highlights a significant collaboration aimed at advancing technology and talent development. This partnership involves comprehensive training programs and research initiatives with Wuhan University of Technology,Geely and Lu Chang Sign Landmark 100,000-Terminal Procurement Contract Articles emphasizing the importance of academic-industry cooperation. Additionally, national policies and subsidies are set to support such industrial advancements, particularly in satellite navigation and location-based services.

Talent Development and Academic Collaboration

Training Programs and Research Initiatives

One of the key aspects of this collaboration is the focus on talent development. Wuhan University of Technology (WUT) plays a crucial role in this regard. The university has established several initiatives to support Lu Chang's technological advancements:

  1. Orientation Training: WUT offers orientation training for a group of Masters and Ph.D. candidates tailored to Lu Chang's specific needs.
  2. Scientific Research Cooperation: The university collaborates with Lu Chang on various research projects. This includes sending doctoral tutors and Masters to work directly with Lu Chang, while also involving Lu Chang's researchers in WUT's training programs.
  3. Internship Programs: WUT has developed a comprehensive internship program, including the Zhuoyue Engineer Training Program. This initiative allows students to gain hands-on experience at Lu Chang, ensuring a smooth transition into their future careers.

Practical Training and Internships

The Zhuoyue Engineer Training Program is particularly noteworthy. It includes a year-long internship as part of a four-year university curriculum. This program aims to provide students with practical experience, enhancing their skills and preparing them for future roles in the industry.

Government Support and National Policies

National Development and Reform Commission Initiatives

The National Development and Reform Commission (NDRC) is actively formulating national satellite applications as part of the 12th Five-Year Plan. This plan, expected to be released by early May, includes several guidelines and subsidies to support the satellite navigation industry.

Financial Support for Industrialization

For instance, the contract between Geely and Lu Chang, valued at approximately $5 billion, could receive substantial financial support. According to the guidelines, relevant departments in Shenzhen City, Guangdong Province, may report this contract to national authorities, potentially securing up to 30% in subsidies. This translates to around $1 billion in financial support, significantly bolstering the project's capital intensity.

Support for Navigation and Location-Based Services

The Ministry of Science and Technology is also set to release a special plan for the navigation and location-based services industry. This plan will provide support for various technologies and demonstration projects, further promoting innovation and development in this sector.

Interesting Statistics

  • Automotive Industry Growth: The global automotive industry is expected to grow at a CAGR of 3.71% from 2021 to 2028, reaching a market size of $9 trillion by 2028 (source).
  • Satellite Navigation Market: The global satellite navigation market is projected to reach $225 billion by 2025, driven by advancements in technology and increased demand for location-based services (source).
  • Talent Development: According to a report by the World Economic Forum, 50% of all employees will need reskilling by 2025 as the adoption of technology increases (source).

Conclusion

The procurement contract between Geely and Lu Chang is a testament to the power of collaboration between industry and academia. With comprehensive training programs, research initiatives, and substantial government support, this partnership is poised to drive significant advancements in technology and talent development. As the automotive and satellite navigation industries continue to grow, such collaborations will be crucial in shaping the future of these sectors.