Financial Network Auto News? SAIC, Zhangjiang Hi-Tech and Hengxu Capital established a 7.2 billion investment fund for Zhiji Auto.

On the evening of November 26, SAIC and Zhangjiang Hi-Tech successively issued announcements stating that SAIC, Zhangjiang Hi-Tech and Hengxu Capital would jointly invest in the establishment of Shanghai Yuanjie Intelligent Technology Equity Investment Fund Partnership (Limited Partnership) (hereinafter referred to as

"fund").

The total capital subscribed by the three parties is 7.2 billion yuan, of which SAIC Group subscribed 5.399 billion yuan, Zhangjiang Hi-Tech 1.8 billion yuan, and Hengxu Capital 10 million yuan.

According to the subscribed capital contribution ratio, SAIC Group holds 74.986% of the fund; Zhangjiang Hi-Tech holds 25%; Hengxu Capital holds 0.014%.

Zhangjiang Hi-Tech emphasized that the fund invested this time is still in the process of being established.

Tianyancha data shows that the actual controlling shareholder of Zhangjiang Hi-Tech is Zhangjiang Group.

Zhangjiang Group is a wholly-owned subsidiary of the State-owned Assets Supervision and Administration Commission of Shanghai Pudong New Area.

SAIC holds 40% of the shares of Hengxu Capital, but is not the largest shareholder.

SAIC Group believes that this investment will leverage the advantages of each partner in the fields of artificial intelligence, autonomous driving, chips and new energy vehicles, enhance the competitiveness and influence of SAIC Group's brand, and accelerate innovation, transformation, upgrading and development.

This special fund plans to invest specifically in high-end intelligent pure electric vehicle projects (tentatively named "Zhiji Automobile") with Alibaba (including its designated subordinate investment entities).

On the same day, SAIC Motor announced that “Project L” was officially launched, namely “Zhiji Automobile”.

Zhiji Automobile is jointly built by SAIC, Pudong New Area and Alibaba Group.

According to SAIC, Zhiji Auto is positioned in the high-end pure electric market and will build a new electronic and electrical architecture, connect the electronic control unit from the bottom, apply data-driven technology, reconstruct the user experience, and encourage users to carry out a high degree of customization.

SAIC executives revealed at the press conference that "the founding round of financing for this project reached 10 billion yuan, which is the largest among new forces in car manufacturing."

Among them, SAIC invested 5.4 billion yuan, Pudong Zhangjiang invested 1.8 billion yuan, and Alibaba and others invested 2.8 billion yuan.

The total investment of 7.2 billion yuan by SAIC and Pudong Zhangjiang corresponds to the 7.2 billion investment fund in the announcement.

According to Shanghai Automotive News, there are currently more than 200 members in the Zhiji Automobile project, half of whom are from within SAIC.

It is expected that by the end of this year, the number of people working on the project will reach 300, and it is expected to increase exponentially by the end of next year.

However, in the current high-end electric vehicle market, Tesla and NIO already have relatively complete product portfolios. The GAC Aion series has initially opened the market. FAW, Dongfeng, etc. are promoting the establishment of high-end electric brands.

The unveiled Zhiji Automobile poses quite a challenge.

This article comes from the author of Autohome Chejiahao and does not represent the views and positions of Autohome.