BEIJING (Reuters) – Chinese smart car supplier Banma said on Wednesday that it has raised 3 billion yuan ($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.
($1 = 6.4744 Chinese yuan renminbi)
(Reporting by Yilei Sun and Tony Munroe; editing by Jason Neely)