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The pair will establish a joint venture and aim
to launch their first car in 2016, SAIC said in a statement. The
50-50 JV will be opened to other investors in future, according
to a spokeswoman for the automaker.
SAIC shares rose 9.8 percent to a more than two-month high on
news of the partnership, before shedding some of the gains to
close up 4.8 percent.
Chinese internet companies and auto makers have been quick to
team up to start developing partly self-driving and
Internet-connected cars, following a path already trodden by
U.S. tech giants Google Inc and Apple Inc.
Internet giant Baidu Inc, which leads China's search market and
competes with Alibaba in some areas, is developing cars that are
shifting parts of driving towards automation, working with
companies like Germany's BMW AG.
In an emailed statement, Alibaba said its partnership with SAIC
would include developing new technologies and services using
cloud computing.
($1 = 6.2621 Chinese yuan renminbi)
(Reporting by Jake Spring and Paul Carsten; Editing by Anand
Basu and Kenneth Maxwell)
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