The global electric car business is about to get very interesting

Business & Technology

Ecommerce behemoth Alibaba and Foxconn — the company that manufactured most of the smartphones you’ve ever owned — have led a 2.2 billion yuan ($347.74 million) funding round in Chinese electric car maker Xiaopeng Motors, according to an Alibaba press release.

  • Other investors in Xiaopeng include Morningside Venture Capital, Yuri Milner, and GGV Capital (disclosure: SupChina partners with GGV on the 996 Podcast.) The company has raised more than 5 billion yuan so far.
  • Xiaopeng intends to take on “other Chinese companies and Tesla in the electric-car and autonomous-driving sectors,” according to Alibaba’s press release. Its products will combine “the advantages of the internet, artificial intelligence and traditional manufacturing.”
  • The G3 SUV, its first model, was released in October 2017. The company is positioning it as “the vehicle of choice for those with a ‘geek lifestyle.’”
  • Further reporting: Reuters — Alibaba and Foxconn are pouring millions into a Chinese electric carmake; Bloomberg — Alibaba, Foxconn invest $350 million in Chinese car startup.