IM Motors, a joint venture among China's SAIC Motor, e-commerce giant Alibaba and Shanghai's Zhangjiang Group, will launch its first production model later this month.

The premium electric marque started on Monday manufacturing of the model at its plant in Shanghai.

The model, a sedan with a 5,098-mm body, made its debut at the Shanghai auto show in April 2021.

Before the production version, IM Motors rolled off 200 beta-version ones in December 2021.

The carmaker said it has since made improvements in 60-70 parts of the model's body.

"It can easily defeat gasoline rivals in its segment," said the carmaker, without giving details.

The joint venture, with an investment of around 10 billion yuan, was established in late 2020.

SAIC is the largest shareholder with a 54 percent stake. Alibaba and Shanghai Zhangjiang each hold a stake of 18 percent.

IM Motors said SAIC's expertise in car production and Alibaba's advantage in big data and artificial intelligence will make its models more competitive in the market.

The Ministry of Industry and Information Technology said on Monday that China's new energy vehicle industry is expected to sustain fast growth this year.

Sales of electric cars and plug-in hybrids kept improving in January, surging 140 percent from the same period last year to about 431,000 units, according to China Association of Automobile Manufacturers.

China aims to raise the proportion of NEVs in its sales of new vehicles to 20 percent by 2025, according to a development plan for China's NEV industry released in 2020.

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