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Alibaba invests in Chinese electric car startup XPENG Motors

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Alibaba invests in Chinese electric car startup XPENG Motors

Alibaba Group Holding Ltd. has invested in Chinese electric car startup XPENG Motors as the Chinese e-commerce giant continues its foray into the automotive industry.

XPENG Motors said Dec. 15 that it completed three rounds of series A+ financing with participation from investors such as Alibaba, XPENG Motors Chairman He Xiaopeng and venture capital firms including GGV Capital, Morningside Venture Capital and Lightspeed Venture Partners.

The amount of Alibaba's investment was not disclosed. XPENG Motors said it would disclose its series B round funding round in early 2018.

This marks Alibaba's second automotive-related deal this month. It signed a three-year agreement with Ford Motor Co. on Dec. 7 to collaborate in areas including retail experiences, connectivity, artificial intelligence and digital marketing.