AAA SAIC’s Zhiji Motor zooms to $1.52bn

SAIC’s Zhiji Motor zooms to $1.52bn

China-based electric vehicle (EV) developer Zhiji Motor has been launched by automotive manufacturer SAIC Motor with RMB10bn ($1.52bn) of funding.

The carmaker was joined in the round by e-commerce group Alibaba and a vehicle called Shanghai Pudong New Area.

Zhiji Motor will leverage Alibaba’s big data and artificial intelligence (AI) technology, along with cloud services through its Alibaba Cloud subsidiary, as it seeks to become a global leader in the smart car industry.

Pudong New Area will also provide AI-based technology and computer chips for the startup, which has established a research institute focused on aesthetic design and smart mobility, data processing and smart driving technology.

The news comes after the South China Morning Post reported earlier this month that SAIC Motor, Alibaba and real estate developer Shanghai Zhangjiang Hi-tech Park Development had established a $1bn private equity fund focused on financing the development of smart cars.

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