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Chinese smart car supplier Banma raises US$460 million from Alibaba, SAIC Motor, others

Chinese smart car supplier Banma said on Wednesday that it has raised 3 billion yuan (US$463 million) from existing investors including Alibaba, SAIC Motor and others.

BEIJING: Chinese smart car supplier Banma said on Wednesday that it has raised 3 billion yuan (US$463 million) from existing investors including Alibaba, SAIC Motor and others.

Banma, which is developing in-car software, did not disclose its valuation after the investment.

Apart from Banma, Alibaba and SAIC Motor are working on a new electric vehicle brand called IM.

(US$1 = 6.4744 Chinese yuan renminbi)

(Reporting by Yilei Sun and Tony Munroe; editing by Jason Neely)

Source: Reuters

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