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Drive for vehicles linked to Internet

By Meng Jing | China Daily | Updated: 2015-03-13 08:51

Vehicle producer SAIC Motor Corp Ltd and e-commerce company Alibaba Group Holding Ltd announced on Thursday they would invest 1 billion yuan ($160 million) in a fund to develop Internet-connected vehicles.

The fund, which is open to further investment from third parties, will promote the development of "cars on the Internet" and build operational platforms for Internet-connected cars, said a joint statement from the two companies.

A 50-50 joint venture between SAIC Motor and Alibaba will be set up based on the fund, which aims to roll out China's first Internet car next year.

Drive for vehicles linked to Internet

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