BEIJING: On Wednesday, Chinese smart car maker Banma announced that it has received 3 billion yuan (US$463 million) from existing investors such as Alibaba, SAIC Motor, and others. Banma, a company that develops in-car software, did not reveal its valuation following the transaction.
In addition to Banma, Alibaba and SAIC Motor are developing IM, a new electric car brand.
(One US dollar equals 6.4744 Chinese yuan renminbi)
(Yilei Sun and Tony Munroe contributed reporting; Jason Neely edited the piece.)
Reuters is the source of this information./n
