(Yicai Global) Feb. 16 -- Zhiji Automobile, the electric car joint venture of SAIC Motor, Alibaba Group Holding, and Shanghai Zhangjiang Hi-Tech Park Development, has unveiled its second model and set a nine-fold sales increase target for this year.

Zhiji Auto debuted its smart electric sport utility vehicle, the LS7, on Feb. 10. Priced at CNY309,800 to CNY459,800 (USD45,200 to USD67,085) each, deliveries are likely to begin next month.

The automaker aims to sell 45,000 vehicles this year and produce and ship 200,000 to 300,000 by 2025, Liu Tao, co-chief executive of Shanghai-based Zhiji Auto, told Yicai Global recently. It sold only 5,000 cars last year, per SAIC data.

More than 12,000 pre-sale orders have been received for the LS7 as of Feb. 10, Liu pointed out.

Established in December 2020, Zhiji Auto launched its first mass-produced model, the L7, last April to poor sales due to high pricing and a chip shortage. SAIC owns 54 percent of Zhiji Auto, while Alibaba and Zhangjiang Hi-Tech Park own 18 percent each. 

The JV plans to release cheaper models to achieve its sales target, including a medium-sized SUV scheduled for release by the end of 2023 and a sedan set to hit the market next year, Liu added. The two can be compared with Tesla's Model Y and Model 3, respectively, Liu noted.

Zhiji Auto will also accelerate the expansion of its sales channels, aiming to double the number of brick-and-mortar showrooms to 240 by the end of this year, he said.

Editors: Dou Shicong, Martin Kadiev