The Hangzhou-based know-how firm confirmed on Friday that it had invested in Chinese language electrical automobile start-up Guangzhou Xiaopeng Motors Know-how, though it didn’t disclose the quantity of that funding.
“As a clear power car start-up, the funding in Xiaopeng Motors matches with Alibaba’s strategic focus within the automotive sector. Below our open-platform strategy, we are going to proceed to work with a variety of automotive manufacturing companions to profit Chinese language customers,” an Alibaba spokeswoman stated in an e mail.
Native newspaper China Daily reported that Alibaba would have an roughly 10 p.c stake in Xiaopeng Motors following its funding.
The corporate’s current strikes within the vehicle area come after different main gamers comprising China’s BAT firms — an acronym used to confer with Baidu, Alibaba and Tencent collectively — have made investments of their very own within the electrical car area.
Tencent acquired a 5 percent stake in Tesla for $1.78 billion earlier this 12 months. Each Tencent and Baidu have additionally invested in Chinese language electrical car start-up Nio, whereas Baidu has backed WM Motor Know-how, one other electrical car start-up on the mainland, Reuters reported.
Xiaopeng Motors cooperated with Haima Car, a subsidiary of Chinese language automaker FAW Group, to start producing its first mannequin this 12 months, though a finalized model of the electrical sports activities utility car (SUV) is predicted to hit the market solely in 2018, state-run information company Xinhua stated.
The beta model of Xiaopeng’s electrical SUV has a mileage of 300 km and consists of an autonomous parking function, which allows the automobile to park itself and not using a driver.
In the meantime, He Xiaopeng, the chairman of Xiaopeng Motors and an angel investor, stated in a Weibo submit on Friday that the start-up had accomplished its sequence A+ spherical of funding and was on observe to start sequence B financing early subsequent 12 months.
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