Alibaba unveils electric car with SAIC Motor

Alibaba Group Holding Ltd. is launching an electric car under a new brand in partnership with SAIC Motor Corporation Ltd., Nikkei Asia reported Jan. 13, citing company announcements.

The two companies, together with Shanghai Zhangjiang Hi-Tech Park Development Co. Ltd., had formed a joint venture to create the "intelligence in motion," or IM, brand. SAIC holds a 54% stake in the venture, while Alibaba and Shanghai Zhangjiang each have 18%, the report said.

The IM electric vehicle is a sedan featuring a solid-state battery from Contemporary Amperex Technology Co. Ltd., according to the news outlet. It also features wireless charging, self-parking and smartphone functions.

Customers may pre-order the electric car starting April at the annual Shanghai auto show, Nikkei reported. A sports unit vehicle model of the brand reportedly is slated to be delivered in 2022.

Electronic components producer Foxconn Technology Co. Ltd. has also established a joint venture with privately owned automaker Zhejiang Geely Holding Group to provide a one-stop solution for automobile assembly, automotive parts production and electronic vehicle supply chain management, Nikkei said in the same report.

Foxconn and Geely will each hold a 50% stake in the joint venture, the news outlet said. Foxconn will take three of five board seats and appoint the chairman.

The development comes weeks after Taiwan-based Foxconn said it would work with Chinese electric-vehicle producer BYTON Ltd. to manufacture its first car, the report added.