Alibaba invests in electric car startup Xpeng

Online shopping giant Alibaba has invested in an electric car startup, it said today.

Alibaba confirmed the move this evening to Tech in Asia following rumors in Chinese media about it funding Xpeng(also known as Xiaopeng), which last month launched its first vehicle, the all-electric Identy X SUV.

The funding amount isn’t disclosed, but several Chinese media outlets said Alibaba was taking a 10 percent stake in the fledgling carmaker.

“As a clean energy vehicle startup, the investment in Xiaopeng Motors fits with Alibaba’s strategic focus in the automotive sector. Under our open-platform approach, we will continue to work with a range of automotive manufacturing partners to benefit Chinese consumers,” an Alibaba spokesperson told us.

Read More – TECHINASIA

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