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Alibaba to merge its autonomous-driving unit with China's Zelos, WSJ reports
['Thu', 'January At Am Gmt', 'Min Read']
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Jan 29 (Reuters) - Chinese robovan developer Zelostech said on Thursday that e-commerce giant Alibaba's logistics arm, Cainiao, will take a stake in the company.
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."
"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 Journal reported that Cainiao's autonomous-driving unit will be folded into Zelostech, adding that Zelostech will operate both brands simultaneously.