(Yicai Global) Dec. 14 -- China's big three internet companies -- known as BAT (Baidu Inc. [NASDAQ:BIDU], Alibaba Group Holding Ltd. [NYSE:BABA], and Tencent Holdings Ltd. [HK:0700]) -- are now competing in the field of new energy vehicles (NEVs) via investments.
Alibaba recently completed its in XPENG Motors after Tencent led two rounds of financing for NIO, while Baidu invested in NIO and WM Motor Technology Co., as finance.sina.com reported.
XPENG specializes in researching and developing the electric Internet of Vehicles. Alibaba now holds a 10.03 percent share in Guangzhou Chengxing through its affiliate Hangzhou Alibaba Entrepreneurship Investment Co., as the registered business information of its main operating unit Guangzhou Chengxing Intelligent Automobile Technology Co. (Guangzhou Chengxing) shows. XPENG has other ties with Alibaba as well. He Xiaopeng, its founder and former co-founder of UC, once served as the president of Alibaba Digital Media & Entertainment Group – Mobile Business Group.
XPENG completed Series-A financing of CNY2.2 billion on June 12, with the lead investor Youche Fund (initiated by UCAR). Haima Motor announced it signed a cooperation framework agreement with XPENG on Oct. 12. The two will cooperate in the R&D, production, and sale of XPENG NEVs, with the first model set to go into mass production by the end of this year.