(Yicai Global) Sept. 13 -- Chinese investor Li Bin confirmed on Sept. 12 that he invested almost CNY200 million (USD30.6 million) in AutoRadio Group, the parent company of audio program network Kaola FM.

The Internet of Vehicles is becoming a hot sector for investment. Li's investment in the group differs somewhat from recent investments in NextEV Inc. and bike-sharing firm Beijing Mobike Technology Co., in that AutoRadio Group is a vertical business which only works with in-car audio entertainment programs.

Li believes the IoV will develop explosively around 2020 and in-vehicle audio systems will be an entry point for the Internet of Vehicles. By that time, some 70 or 80 percent of new cars will be connected vehicles, which will essentially be a big mobile terminal, he said. In terms of active users, the number could be as high as 200 million and most will be high-net-worth users.

The Internet of Vehicles will eventually become a competition between major firms fighting over content, channels, basic services and hardware chips, Li added.

Founded in 2007, AutoRadio is an integrated radio operator which is committed to running an audio content platform in the mobile internet era. This isn't the first time Li has pumped money into the firm.

The venture capitalist has been investing a lot in the transport field recently, as well as NextEV and Mobike, he has injected cash into carpooling platform Dida Pinche, vehicle content outlet Qiche Toutiao, next-gen vehicle maker Chehejia, used car auction website Tiantian Paiche and online-to-offline car maintenance platform Dashi Baoyang.