China's Zhejiang Geely Holding Group is now the primary sponsor of the Bloodhound 1,000mph supersonic racing car project. The Chinese company has become the official automotive partner in a 3-year agreement.

The deal, which was signed last month, is said to be the biggest in the history of projects, giving the jet-cum-rocket racer the best position to get back to challenging the world land speed record next year, PR Newswire reported.

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Bloodhound targets to increase its current land speed record of 763 mph (1,228 km/h) to 800 mph (1,290 km/h) in October next year, according to BBC. But the team's ultimate target is to reach 1,000 mph in 2018 and cover a mile in just 3.6 seconds at full speed.

Andy Green, driver wing commander and holder of the current land speed record, welcomed the sponsorship from Zhejiang Geely Holding Group.

"Having a Chinese partner to reach an audience of over a billion people in China gives us an opportunity to engage with that global audience across Asia in a way we could not possibly done without them," Green said speaking from Bloodhound's cockpit.

Meanwhile, Li Shufu, chairman of Geely Holding Group, said, "We are proud and excited to be part of this extraordinary team. Geely shares the same challenging spirit and passion for pushing technological barriers as the Bloodhound Project."

Zhejiang Geely will be providing design and engineering assistance to Bloodhound and promoting the Bloodhound and the team's STEM message in Asia, BBC reported. The partnership will also see Geely Auto Technology used in Bloodhound SSC and the Geely vehicles being utilized in South Africa for the record campaigns.

Zhejiang Geely Holding Group is the biggest private Chinese auto group. In the West, the company is better known as the owner of Volvo Car Group and the London Taxi Company that creates the "black cabs."

TagsGeely, volvo, London Taxi Company, Bloodhound, supersonic car, Andy Green, The Bloodhound Project, World land speed record