Alibaba is launching an electric sedan with wireless charging under a new brand formed with state-owned SAIC Motor, according to seekingalpha.com, citing Nikkei.

The sedan, unveiled under the brand name IM (for "intelligence in motion") features a new solid-state battery from Contemporary Amperex Technology (CATL), China's largest battery maker, and chips from Nvidia.

The new EV would be able to park itself and has various smartphone functions.

Preorders are expected to start in April during the annual Shanghai auto show, according to the reports.

Alibaba is already an investor in XPeng, seekingalpha.com noted.

Earlier, Taiwan-based electronics giant Hon Hai Precision Industry Company, better known as Foxconn, announced it had signed a strategic agreement with China's Zhejiang Geely Holding Group to produce electric vehicles, components and advanced systems for third-party companies.

Each partner would hold a 50% stake in the joint venture, which will produce electric vehicles and provide components and services for third-party companies looking to outsource production.