According to information from Alibaba, SAIC Motor and Alibaba reached a strategic cooperation agreement to jointly create the next-generation intelligent networking car.

The two parties will reportedly implement strategic restructuring of Banma and YUNOS. They will also expand their cooperation into sectors like automobile platform, autopilot, and automobile industrial cloud.

After the strategic restructuring, Alibaba will become the largest shareholder of Banma. Alibaba said that the overall intellectual property and business of YUNOS will be injected into Banma to help the latter become a leader of the next-generation intelligent networking car. The strategic restructuring will also provide greater space for Banma's future development.

At the same time, Banma will further open to the entire automobile industry. Based on the core basic technologies of YUNOS, Banma's system will reach more automobile brands.

Commenting on the cooperation, Alibaba Group CEO Zhang Yong said that SAIC Motor is one of the largest automobile groups in China. With excellent products and R&D abilities, SAIC Motor is the most important strategic partner of Alibaba in the intelligent networking car and transportation ecology sectors. Alibaba will continue to enhance its strategic cooperation with SAIC Motor.

Chen Hong, chairman of SAIC Motor, said that as the most important cornerstone shareholders of Banma, SAIC Motor and Alibaba will continue to enhance investments to fully support the development of Banma. They welcome the joining of more partners to establish Banma as an open intelligent networking car platform targeting the entire industry.