| 3:19 PM EST

Geely Inks Deal to Develop Hyperloop System in China

China’s Zhejiang Geely Holding Group has signed an agreement with China Aerospace Science and Industry Corp. (CASIC) to develop a hyperloop-type train system.
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China’s Zhejiang Geely Holding Group has signed an agreement with China Aerospace Science and Industry Corp. (CASIC) to develop a hyperloop-type train system.

The partners didn’t provide a timeline or investment plans for the project. State-owned CASIC previously has said it was developing a system train system that can operate at speeds of more than 1,000 kph (620 mph).

Similar to other hyperloop ventures, Geely and CASIC will use magnetic levitation (maglev) and vacuum tubes to reduce friction and air resistance. The combination promises to transports passengers and freight across long distances at speeds as great as 750 mph.

Geely says the project also could help the development of advanced material science, new energy vehicles and automotive safety. In addition to the hyperloop system, Geely is working with CASIC on internet-related technologies and other programs.

Several other companies are developing hyperloop systems, which Tesla CEO Elon Musk proposed five years ago. Hyperloop Transportation Technologies and rival Virgin Hyperloop One already have begun testing pods on tracks in the U.S., Europe and the Middle East.

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