Shanghai (ZXZC)- BAIC Group, BAIC Motor Corporation Limited (BAIC Motor), BAIC BJEV, BAIC ROCAR and BAIC Mobility agreed to build a joint venture focusing on IT (information technology) businesses, according to an announcement released by BAIC Motor on October 30. The new joint venture (JV) is said to be named BAIC BluePark Information Technology Co.,Ltd.

Under the agreement, the registered capital for the new JV will be RMB330 million in total. The parent company BAIC Group will take a 39.4% stake in the JV with a contribution of RMB130 million. The remaining RMB200 million registered capital should be equally devoted by the four subsidiaries.

The money will come in two installments with RMB220 million and RMB110 million paid by November, 2018 and November, 2019 respectively.

BAIC Motor upholds the viewpoint that big data, cloud platform and automotive intelligent connectivity will unavoidably become themes that penetrate into automobile industry, thus intelligent information will be a high ground for automakers to seize. That’s why the company involves the funding of the IT JV.

The new JV will work on developing cloud platform, cloud software, integrated network system and providing maintenance services for intelligent, IT and energy-efficient equipment and system. In addition, its businesses also include the development, consultation and transferring of IT-related technologies, data processing as well as the development and marketing of computer hardware & software, electronic products, digital facilities and communications devices.