Alibaba's Executive Chairman Jack Ma (center) claps hands on the launch cerenomy of OS'Car, its internet-enabled vehicle jointly developed with SAIC Motor Corp on July 6, 2016 in Hangzhou, Zhejiang province. [Photo/China Daily]

Jack Ma, executive chairman of Alibaba, described the vehicle as a milestone product that marks the beginning of the so-called internet of everything－an era in which everything is connected to everything else via the internet.

"Just like what the smartphone does to our life－about 80 percent of the features of a smartphone are not related to making phone calls anymore. In the future, about 80 percent of the functions of a car will not be related to transportation," said Ma.