on November 26th, SAIC announced that, in order to speed up the building of independent high-end intelligent pure electric vehicle brand, the company plans to establish Shanghai Yuanjie Intelligent Technology Equity Investment Fund Partnership (Limited Partnership) with Zhangjiang Hi-Tech and Hengxu Capital * * *, with a total subscribed capital of 7.2 billion yuan, including 5.399 billion yuan subscribed by the company, 1.8 billion yuan subscribed by Zhangjiang Hi-Tech and 1 million subscribed by Hengxu Capital. The Fund plans to invest with Alibaba (China) Network Technology Co., Ltd. (including its designated subordinate investors) in the high-end intelligent pure electric vehicle project (tentatively named "Zhiji Automobile").

"Alibaba has made it clear that it will join this electric vehicle project." SAIC executives revealed that the equity of SAIC in the electric vehicle project accounted for 54%, Pudong investment accounted for 18%, Ali accounted for 18% and others accounted for 1%.

according to the plan, Zhiji automobile is positioned as a user-oriented automobile science and technology innovation company, focusing on technological innovation and application, and realizing "* * * creation, * * * life and * * * enjoyment" between users and enterprises. The operation mode of Zhiji Automobile has completely deviated from the traditional state-owned enterprise mode and will adopt the market-oriented capital operation mode. "As the first vehicle startup hatched by SAIC, we hope to fundamentally embark on a subversive innovation path." SAIC executives said.

At present, there are more than 2 members of Zhiji Automobile Project, half of whom are from within SAIC. The other part comes from the cross-border industry with automobiles. It is estimated that by the end of this year, the project number will reach 3, and it is expected to increase exponentially by the end of next year.