Investors commit $234m to Alibaba, SAIC internet car venture
Yunfeng Capital, Shang Qi Capital, and China’s State Development & Investment Corporation (SDIC) have participated in a first round of funding worth more than RMB1.6 billion ($234 million) for Banma Network Technologies, a smart car joint venture established by Alibaba Group and SAIC Motor.
Alibaba and SAIC teamed up to develop internet-enabled vehicles – which use internet-of-things (IoT) technology to improve the driving experience, from syncing cars and smart phones to providing intelligent...
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