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Alibaba Partners SAIC on $160 Million Connected Car Fund

Alibaba Group Holding Ltd. is starting a 1 billion yuan ($160 million) fund with SAIC Motor Corp., China’s largest automaker, to develop a connected car that may go on sale next year.

Alibaba, Asia’s largest Internet company, and SAIC Motor are setting up a joint venture to create a platform for development and operation of the Web-enabled car, the Shanghai-based carmaker said in an e-mailed statement. Besides providing cloud computing, Alibaba will also add digital entertainment, maps and financial data, the Hangzhou, China-based company said on its microblog.