SHANGHAI, March 12 -- An Internet-enabled car jointly developed by China's leading carmaker, SAIC Motor, and Internet giant Alibaba Group is expected to hit the market next year, according to a joint statement released on Thursday.

The two companies will invest 1 billion yuan (163 million U.S. dollars)to establish an "Internet car fund." The cars will feature Alibaba's Yun operating system, Xiami music services, AutoNavi navigation technology and Aliyun cloud computing services.

The Internet car fund will be an open capital platform allowing more investors to back Internet-enabled cars.

The two companies signed a cooperation agreement on July 23 of last year.