Li Shufu, the founder and chairman of Chinese automaker Geely, announced plans on Tuesday to enter the country’s smartphone market. Li had formed a new company called Hubei Xingji Shidai Technology, aiming to release its first premium phone model by 2023. Li owns 55% of the new smartphone company, which is headquartered in the central city of Wuhan and partnering with the local government. [Reuters]