Alibaba and SAIC-backed company begin mass production of first electric vehicle

IM Motors, a joint venture backed by Alibaba Group and SAIC Motor, has now started mass production of its first electric vehicles and will put them on sale later this month.

According to Zhangjiang Hi-Tech Investment’s Weibo account, on February 28, IM Motor’s first intelligent electric vehicle IM L7 was officially put into production at SAIC’s intelligent factory in Lingang New Area, southeast of Shanghai. . The IM L7 will hit the market on March 29 and deliveries will begin in April.

In November 2020, SAIC Motor, Alibaba and Shanghai Zhangjiang Group jointly built IM Motors with a registered capital of 10 billion yuan. Among them, SAIC owns 54% of the shares, Alibaba and Zhangjiang Group each hold 18%. Shanghai Yuanshi Automotive Technology and Shanghai Yuanren Automotive Technology hold 10% in total.

In April last year, IM Motors officially launched the first medium and large pure electric car IM L7 which was pre-sold at the 2021 Shanghai Auto Show, with a pre-sale price of 408,800 yuan. The car will be equipped with 12 high-definition cameras to safely navigate urban roads, enable high-speed driving and precision automatic parking. At the end of last year, the first batch of 200 beta versions of IM L7 was officially delivered.

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Additionally, Banma, backed by SAIC Motor and Alibaba Group, told The Beijing News that its intelligent console system will be installed in the IM L7.