Founder of Alibaba-backed AI firm named chairman at carmaker as tech’s industry ties deepen
In July, Megvii signed a deal with Geely and a local tech hub to develop internet-connected intelligent cars and AI projects in Chongqing
A co-founder of Chinese artificial intelligence (AI) company Megvii has been named chairman of the board at a local carmaker, as the Alibaba Group Holding-backed firm deepens ties with industrial markets, according to corporate filings.
Yin Qi, who also serves as CEO of Megvii, was appointed chairman of Lifan Technology Group, once China’s top maker of motorcycles, the Shanghai-listed company said in a statement on Tuesday. The appointment comes months after Yin acquired a 19.91 per cent stake in Lifan for 2.43 billion yuan (US$337.5 million), making him its second-biggest shareholder.
Lifan Technology was founded in 1992 as a motorcycle maker, and later expanded its business scope to include automobile parts. The company’s other investors include a private equity fund backed by Chinese auto giant Geely and the Chongqing municipal government.
In July, Megvii signed a deal with Geely and the local government of Chongqing Liangjiang New Area, established in 2010 with the goal of being a tech hub, to develop internet-connected intelligent cars and AI projects in Chongqing.
The company’s intelligent driving team already has hundreds of employees, a Megvii executive was quoted as saying by Chinese media Leiphone. The AI start-up has also added many new hires for its autonomous driving unit, with almost all of them based in Chongqing, Chinese news outlet Phoenix New Media reported last month.
