(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