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Alibaba makes moves into auto sector – leads major investment in Xiaopeng Motors

by | 29 Jan, 2018

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Baba boasts big gains

China’s e-commerce giant Alibaba has joined Taiwanese multinational electronics company Foxconn in leading a major investment in a Chinese car startup, as competition heats up in the new energy vehicle market (a term the Chinese government uses which refers to plug-in electric vehicles and hybrids).

The two firms led a 2.2 billion yuan ($347.74 million) funding round in electric car maker Xiaopeng Motors, bringing the total funding for the company to 5 billion yuan total. Xiaopeng is one of many start-ups in China looking to compete with Elon Musk’s Tesla in the electric car space.

The news comes hot off the heels of reports last week which said Alibaba was considering teaming up with U.S. grocer Kroger in a move to disrupt Amazon’s entry into the food business.

Alibaba is set to report earnings for Q4 2017 on Thursday this week and signs are pointing to these being very successful. Analysts predict it will one day become a trillion-dollar market cap company, thanks to its dominance in e-commerce and cloud services. Alibaba is often viewed as Asia’s answer to Amazon, with its owner Jack Ma boasting the title of China’s richest man. Alibaba’s IPO in New York in 2014 set a record as the world’s biggest public stock offering, raising $25 billion.

Related: Trump said to be weighing fines for China over intellectual property theft

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The Invstr chart shows Alibaba stock rising over 2017

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ALL RIGHTS RESERVED © INVSTR LTD. 2018

Risk Disclosure:
Invstr is a technology platform, not a registered broker-dealer or investment adviser. Invstr does not offer its own recommendations of any security or provide its own research to any user regarding any security transaction or order.
Please note, investing involves risk and investments may lose value. Past performance does not guarantee future results.
Brokerage services are provided by the following:
US-traded securities, including fractional trading, are provided to Invstr users by DriveWealth LLC, a regulated member of FINRA/SIPC. DriveWealth may not establish investment accounts to residents of certain jurisdictions. For more information, including disclaimers, risk and transaction fees click here.
India account traded securities are provided by SIC Stocks & Services PVT Ltd. SIC does not make any personal recommendations to buy, sell or otherwise deal in investments. Investors make their own investment decisions. The services and securities provided by SIC may not be suitable for all customers and, if you have any doubts, you should seek advice from an independent financial adviser. For more information and disclaimers, click here.

 

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