GM - Alibaba and Foxconn the latest to charge into the electric vehicle world

The news out of the electric vehicle world is as electrifying as ever,Alibaba ([[BABA]] +3.0%) is launching an electric sedan with wireless charging under a new brand formed together with state-owned SAIC Motor, according to Nikkei.The sedan unveiled under the brand name IM for "intelligence in motion" features a new solid-state battery from Contemporary Amperex Technology, China's largest battery maker and chips from Nvidia ([[NVDA]] +0.5%). The new EV will be able to park itself and has various smartphone functions. Preorders are expected to start in April during the annual Shanghai auto show.Alibaba is already an investor in XPeng ([[XPEV]] -6.3%).Also in the EV world, Taiwanese iPhone assembler Foxconn Technology Group (FXCOF) announced its own 50-50 joint venture with Zhejiang Geely (GELYF) to make cars for other companies. Geely is already working with Baidu ([[BIDU]] -0.6%) on EVs.The backdrop for EVs also has Apple ([[AAPL]] +1.6%) likely to look for more

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Alibaba and Foxconn the latest to charge into the electric vehicle world