China’s e-commerce giant Alibaba Group has become the third technology company this week to join hands with an automaker to produce electric vehicles.
In a joint venture with SAIC Motor and Shanghai Zhangjiang Hi-Tech Park Development, Alibaba gave rise to the new brand intelligence in motion (IM), local media reported. SAIC holds a 54pc stake with Shanghai Zhangjiang and Alibaba owning 18pc stakes each.
The company plans to launch two EV models, a sedan and an SUV in the short term, with pre-orders opening in April. SAIC has not disclosed the volumes it plans to produce nor the plant where it plans to make the EV. Alibaba also holds a major share in Xpeng Motors.