Alibaba, SAIC-backed Banma sees capital injection from FAW Group

Beijing (Gasgoo)- Banma Network Technology Co., Ltd. (Banma Network Technology), an Alibaba-affiliated intelligent connected car solution provider, recently introduced a new shareholder, FAW Group's Nanjing FAW Innovation Fund Investment Management Center (Limited Partnership), according to the Chinese corporate database Tianyancha.

Photo credit: Banma

This development has resulted in an increase in Banma's registered capital from approximately 3.128 billion yuan to around 3.166 billion yuan.

Banma Network Technology was established in November 2015. The company has multiple shareholders, including Shanghai Saiwei Investment Center (Limited Partnership), Zhejiang Tmall Technology Co., Ltd., Taobao (China) Software Co., Ltd., and Alibaba (China) Network Technology Co., Ltd. Notably, Shanghai Saiwei's controlling shareholder is SAIC Motor.

Banma is a platform developed by the Alibaba team based on the AliOS system, offering intelligent automotive operating systems, automotive solutions, and digital traffic solutions for the automotive and transportation industries. The platform has forged partnerships with over ten major automotive manufacturers, including SAIC Motor and FAW Group, with its technology integrated into more than 40 vehicle models, totaling over a million units.

The collaboration between FAW Group and Alibaba began in 2019 when they signed a strategic cooperation agreement to jointly develop next-generation intelligent connected vehicles based on the Banma's intelligent automobile system. This latest capital infusion from FAW Group represents a significant step in further strengthening their partnership.