Alibaba Corporation launched an electric car manufacturing startup in China
The company and its partners from SAIC plan to release a line of electric vehicles that will accelerate to 100 km/h in 4 seconds.
Chinese Corporation Alibaba and SAIC have created a new company Zhiji Motor, which will produce high-end electric vehicles. This is written by the online publication Shine.
Alibaba, SAIC, and the authorities of the Pudong district in Shanghai, China signed an agreement to establish the new company. Translated from Chinese, its name sounds like "wisdom and self-government". The initial investment in this startup will amount to more than $1.5 billion.
The partners are planning to release a line of high-class electric cars that can accelerate to 100 km/h in 4 seconds.
Another feature of the cars should be a high level of battery life, as the name suggests, and an Internet connection. Alibaba Corporation, which owns several global Internet resources - for example, Alibaba, Taobao, and Youku — and has experience working with large amounts of information, should help in this.
It is expected that the first model of the electric car will be presented in January 2021, and the presentation will be held simultaneously in Shanghai, London, and North America. This means that the brand is initially focused on the global market and will not be limited to China.
Overall, China is steadily introducing new emissions policies, so the local companies' focus on electric vehicles is not a surprise. China Association of Automobile Experts, established by the Ministry of Industry and Information Technology, recently cited as its key goal the introduction of a ban on the sale and production of cars with gasoline and diesel engines in the country after 2035. In other words, all new cars will be either electric or hybrid.