Alibaba Invests in Electric Car Maker Xpeng Motors
Sina Tech, 12/10/17
Chinese internet conglomerate Alibaba (NYSE: BABA) recently invested in Guangzhou-based Xiaopeng Motors Technology, the operating entity behind electric car maker Xpeng Motors. Public records now list Ali Venture Capital among Xiaopeng Motors' shareholders with a 10% stake in the company.
Jack Ma, chairman of Alibaba, controls an 80% stake in Hangzhou-based Ali Venture Capital, the venture capital arm of Alibaba, based on a RMB 208 mln contribution. Simon Xie, co-founder of Alibaba Group, has also invested RMB 52 mln to take a 20% in Ali Venture Capital.
Ali Venture Capital reportedly invested RMB 300-400 mln in Xpeng Motors, according to a source close to the matter who spoke with online media outlet 36Kr.com.
Xpeng Motors was established with support from several well-known venture capitalists, Internet business leaders, and market-listed companies, including He Xiaopeng, former president of the new mobile business unit within Alibaba's pan-entertainment business group and founder of mobile browser developer UCWeb, David Li, founder of Chinese live streaming social media platform operator YY Inc. (Nasdaq: YY), Fu Sheng, CEO of Cheetah Mobile (NYSE: CMCM), Wu Xiaoguang, a senior executive at Chinese internet conglomerate Tencent (0700.HK), and David Zhang, co-founder and managing partner of U.S. venture capital firm Matrix Partners' China fund.
Keywords: M&A Xiaopeng Motors hardware Alibaba Group BABA Ali Venture Capital Xpeng Motors automobile electric vehicle
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