Car manufacturer SAIC Motor and internet company Alibaba are set to invest $160m in a connected car venture that will be opened to other investors in future.
China-based e-commerce company Alibaba launched a RMB1bn ($160m) joint venture with China-based car manufacturer SAIC Motor yesterday that will focus on developing a connected car.
The two companies hope the car could be ready for market as early as 2016. A spokeswoman told Reuters the agreement is a 50-50 venture that will be opened up to other investors in future.
Alibaba will be responsible for providing cloud computing, digital entertainment, maps and financial data technology, and may use its own…
