CBI member, BMW, has announced that it is building a new innovation hub in Shanghai in partnership with Alibaba.
In a press statement released last Friday, BMW outlined how it hoped that the two companies could form a strategic alliance, by harnessing their respective strengths and resources, to explore enhanced cooperation between BMW and Chinese tech start-ups focusing on the internet and cars.
BMW will offer affiliated start-ups technical training and consulting services, while also providing office space for at least 30 companies, and financial docking services for no less than 20 enterprises or teams.
Jochen Goller, president and CEO of BMW China, said: "The auto industry is undergoing a major transformation driven by technological development […] in the midst of industrial upgrading and transformation, we need to keep an open mind and to collaborate with outstanding Chinese innovation powerhouses in order to scale new technologies for future mobility."
Ren Geng, vice-president of Alibaba, said: "The base's establishment underscores the innovative forces driving future mobility. With the joint efforts of our partners, we are offering an open innovation incubation ecosystem to accelerate the growth of the start-ups."
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