March 12, 2015 / 7:27 AM / 2 years ago

China's SAIC Motor, Alibaba to invest $160 mln in internet-connected cars

March 12 (Reuters) - SAIC Motor Corp Ltd said e-commerce giant Alibaba Group Holding Ltd and the Chinese auto maker would invest 1 billion yuan ($160 million) in a fund to develop internet-connected cars.

SAIC Motor did not provide details about the size of each party's investment. Alibaba declined to provide immediate comment.

$1 = 6.2621 Chinese yuan renminbi Reporting by Jake Spring and Paul Carsten; Editing by Anand Basu

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