Alibaba's logistics arm to buy stake in Chinese robovan developer Zelostech [Yahoo! Finance]
Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share (BABA)
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Source: Yahoo! Finance
The deal will create a business valued ?around $2 billion, the Wall Street Journal, which first reported the news, said. A spokesperson for the robovan developer said "Cainiao will not become a controlling ?shareholder of Zelostech." A ?robovan is a fully autonomous electric vehicle designed for freight. Zelostech's Z10 ?model can transport a load of about 1.5 tonnes. "Zelostech and Cainiao's autonomous-driving unit have entered into a ?deep strategic integration, jointly building a RoboVan ?Super Carrier in the unmanned freight sector," an emailed statement from Zelostech said. The company said Cainiao will "contribute its autonomous-driving business" to the deal and make a cash investment in the ?company. The Journal reported that Cainiao's ?autonomous-driving unit will be ?folded into Zelostech, adding that Zelostech will operate both brands simultaneously. Zelostech did not ?respond to ?a further request for comment. Alibaba did not immediately respond to a Reuters re
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