Shanghai (ZXZC)- Zhiji Motor Technology Co.,Ltd., a joint venture among SAIC Motor, Shanghai Zhangjiang Hi-Tech Development Co.,Ltd. (Zhangjiang Hi-Tech) and Alibaba Group, was formally registered on Dec. 25 in Pudong New Area in Shanghai, according to SAIC Motor.

Photo credit: Zhiji Motor

The registration came after the Chinese biggest automaker announced in late Nov. the launch of the premium electric vehicle (EV) brand “Zhiji Motor” it jointly develops with Pudong New Area and Alibaba Group. The company said the brand had raised roughly 10 billion yuan ($1.529 billion) from its initial funding round prior to the unveiling.

The joint venture will build an innovative “ESOP (employee stock ownership plans) plus CSOP (client share ownership plans)” shareholding platform to encourage both core employees and users to be involved in the corporate development.

The board of director of Zhiji Motor was established at the same time, which is chaired by Wang Xiaoqiu, president of SAIC Motor.

According to SAIC Motor, the joint venture involved a registered capital of 10 billion yuan ($1.529 billion). Subscribing for 5.4 billion yuan ($825.461 million), SAIC Motor is the majority shareholder with 54% of equity interests, while both Zhangjiang Hi-Tech and Alibaba Group controlled 18% of shareholding. Moreover, 5.1% and 4.9% stake of the share capital belong to the ESOP and the CSOP respectively.

Zhiji Motor will showcase three all-new vehicles models at next year's Shanghai International Automobile Exhibition (Auto China 2021), according to a local media outlet, citing a person at SAIC's senior management.

The company is working with CATL on the development of the so-called “silicon-doped lithium supplement battery cell" technology, which is expected to enable a range of up to 1,000km for EVs. The new battery is likely to power the two fire new models Zhiji Motor plans to launch on Jan. 13, 2021.