BEIJING: Alibaba Group Holding and Foxconn Technology have led a 2.2 billion yuan (SR 1.31 billion) funding round in Chinese electric car maker Xiaopeng Motors as competition escalates in the new energy vehicle (NEV) market.
The latest injection brings the startup company’s total funding to 5 billion yuan, it said in a statement. It follows an earlier round in December in which Alibaba also participated.
Xiaopeng, which debuted its electric car at CES in Las Vegas this month, is one of several Chinese start-ups looking to speed up development of battery-powered technology and compete with global leaders including Tesla.
China’s new energy vehicle sales are expected to grow by 40 percent in 2018, according to an industry body, even as the country’s traditional automotive market slowed sharply in 2017.
Xiaopeng says its first vehicle, the ‘G3’, will hit the market this year.
Alibaba has invested heavily in smart car technology and partnered with a handful of traditional western and Chinese carmakers, including Ford Motor Co. and BMW.
Other investors in the round include IDG Capital as well as previous investors GGV Capital, Morningside Venture Capital and Matrix Partners, Alibaba said on its press site on Sunday.
Russian billionaire investor Yuri Milner is also supporting the initiative, the website said.
Alibaba, Foxconn lead $350 million funding in Chinese electric car startup
Alibaba, Foxconn lead $350 million funding in Chinese electric car startup
BYD Americas CEO hails Middle East as ‘homeland for innovation’
- In an interview on the sidelines of Davos, Stella Li highlighted the region’s openness to new technologies and opportunities for growth
DAVOS: BYD Americas CEO Stella Li described the Middle East as a “homeland for innovation” during an interview with Arab News on the sidelines of the World Economic Forum.
The executive of the Chinese electric vehicle giant highlighted the region’s openness to new technologies and opportunities for growth.
“The people (are) very open. And then from the government, from everybody there, they are open to enjoy the technology,” she said.
BYD has accelerated its expansion of battery electric vehicles and plug-in hybrids across the Middle East and North Africa region, with a strong focus on Gulf Cooperation Council countries like the UAE and Saudi Arabia.
GCC EV markets, led by the UAE and Saudi Arabia, rank among the world’s fastest-growing. Saudi Arabia’s Public Investment Fund has been aggressively investing in the EV sector, backing Lucid Motors, launching its brand Ceer, and supporting charging infrastructure development.
However, EVs still account for just over 1 percent of total car sales, as high costs, limited charging infrastructure, and extreme weather remain challenges.
In summer 2025, BYD announced it was aiming to triple its Saudi footprint following Tesla’s entry, targeting 5,000 EV sales and 10 showrooms by late 2026.
“We commit a lot of investment there (in the region),” Li noted, adding that the company is building a robust dealer network and introducing cutting-edge technology.
Discussing growth plans, she envisioned Saudi Arabia and the wider Middle East as a potential “dreamland” for innovation — what she described as a regional “Silicon Valley.”
Talking about the EV ambitions of the Saudi government, she said: “If they set up (a) target, they will make (it) happen. Then they need a technology company like us to support their … 2030 Vision.”
