Alibaba confirmed funding XPeng electric vehicle startup

Alibaba Group Holding Limited confirmed it has invested in Guangzhou Xiaopeng Motors Technology Co. Ltd. for an undisclosed amount of money. Hangzhou online retail giant said the company has supported funding for electric car startup Guangzhou Xiaopeng which is also called Xpeng.

Alibaba confirmed where rumors in Chinese media said it had funded Xpeng which last month rolled out all-electric Identy X SUVs as their first vehicle. The amount of funds was not disclosed, but some Chinese media said Alibaba acquired a 10 percent stake in the startup.

Tinuku Alibaba confirmed funding XPeng electric vehicle startup

"As a clean energy vehicle startup, investment in Xiaopeng Motors fits Alibaba's strategic focus in the automotive sector.We will continue to work together on an open-platform approach with a variety of automotive manufacturing partners to benefit consumers," Alibaba spokesman said.

Xpeng Identy X has a lot of technology for relatively inexpensive cars, including this pop-up camera on the roof and the interior is equipped with LCDs like Tesla cars. Digital instruments to massive vertical screens on the center console. Alibaba made AliOS systems last year and is also in talks with Ford China.