SAIC Motor and the government of Pudong New Area formed a strategic cooperation on Nov. 26 for the joint development of Zhiji Motor, a fire new premium intelligent all-electric vehicle brand, the automaker announced via its WeChat account.
The project was launched at Zhangjiang Hi-Tech Park in Pudong New Area at the same time, and has to-date raised over 10 billion yuan ($1.523 billion) in its initial round of financing.
According to SAIC Motor, the “Zhiji Motor” project is co-developed by SAIC Motor, Pudong New Area and the e-commerce giant Alibaba Group. As a user-centric technology and innovation company, Zhiji Motor is dedicated to becoming “a fulfiller of the travelling revolution in intelligence era”, and will go all out to explore the SDV (software-defined vehicle) ecosystem and achieve win-win outcomes for both users and companies’ values.
SAIC Motor said its advantageous technologies in NEV-related core parts and five innovation hubs focusing on intelligent driving technologies, AI, big data, cloud computing, cybersecurity & software play a great supportive role in the launch of Zhiji Motor. Moreover, SAIC’s cooperation with Alibaba Group in IoV (Internet of Vehicles) system and new retail businesses, the IGBT-focused joint venture with Infineon Technologies, the industrial battery alliance with CATL, and the collaboration with China Mobile and Huawei on 5G technology indicate Zhiji Motor will be supported by many industrial partners.
SAIC Motor will join hands with Shanghai Zhangjiang Hi-tech Park Development Co.,Ltd. and Hengxu Capital to co-build a limited partnership fund that is designed to invest in its premium smart BEV project, namely Zhiji Motor, according to the company’s announcement. The automaker will hold 74.986% stake in the fund by subscribing for 5.399 billion yuan ($822.091 million).