Mubasher: A Chinese billionaire and owner of an automotive group is reportedly looking to reinvent the bullet train.

Li Shufu, who founded Zhejiang Geely Holding Group, signed a deal with stated-owned China Aerospace Science and Industry Corp. (CASIC) to build “supersonic trains” using local technology.  

Shufu, who spent the past 10 years expanding its footprint in the automotive segment by buying Volvo and a stake in Germany’s Daimler AG, said that technology needs to be homegrown so that countries and company do not have to rely on others for their technology.

Speaking at an air show in the southern Chinese city of Zhuhai, Shufu said that “Core technology can’t be bought. The more you use others’ technology, the more reliant you become. We have to innovate on our own. The journey will be tough but the prospects are promising.”

Under the deal signed Tuesday, Geely and the CASIC will combine their capabilities to focus on next-generation vehicles and mobility technology.

Last year, CASIC revealed plans to make an ultra-high-speed flying train that would use a combination of magnetic levitation and vacuum tubes. It also said that the train would exceed the Concorde jet’s maximum speed of 1,350 miles (2172.6 km) per hour.

CASIC chairman Gao Hongwei said Tuesday that he hope the train system his company was working on would travel from Beijing to Paris in three hours.

Shufu, who owns startup that is building flying cars, is also expanding beyond cars to low-orbit satellites and microchips used in autos and flying cars, according to CNBC.

Last year, Geely Holding said it would acquire US-based Terrafugia Inc., which is trying to launch a flying car into market by next year. Founded by five Massachusetts Institute of Technology (MIT) graduates, the US firm plans to deliver the first vertical take-off and landing car by 2023.