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Report: Alibaba-backed Xpeng to compete with Tesla in China

Chinese e-commerce giant Alibaba Group Holding Ltd.-backed local automaker Xiaopeng Motor Co. Ltd., which focuses on the development of electric cars, plans to launch a sport utility vehicle in late 2018 in a bid to compete with U.S. automobile manufacturer Tesla Inc., the Nikkei Asian Review reported Feb. 28.

Xpeng has raised over $700 million in total, most of which came from the technology industry, the report said. Alibaba has a stake in the company.

The Chinese automaker, which is also known as XPENG Motors in English, plans to establish a factory by mid-2019 with an annual production capacity of 200,000 vehicles. The company, which was founded in 2014, aims to become the "leader" in the new electric vehicle industry, the report said, citing Xiaopeng's president Xia Heng.

The company is working toward installing voice recognition in its vehicles, which will allow drivers to inquire about weather and nearby attractions, select music and use voice commands to control seat position and air conditioning, the report said.