Mexico



Very usefull links



PW
Bookstore





News links

AP

AFP

Aljazeera

Dow Jones

Oil price

Reuters

Bloomberg

Views and News
from
Norway

 

 

 

 

Alibaba, Foxconn lead $350 million funding in electric car startup by Xiaopeng Motors


By Reuters

BEIJING
Petroleumworld 01 30 2018

Alibaba Group Holding Ltd and Foxconn Technology Co Ltd have led a 2.2 billion yuan ($347.74 million) 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 Inc.

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 web site said. ($1 = 6.3265 Chinese yuan)



Reporting by Cate Cadell; Editing by Gopakumar Warrier from reuters.

reuters.com 01 29 2018

We invite all our readers to share with us
their views and comments about this article.
Write to editor@petroleumworld.com

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to: editor@petroleumworld.com

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels

 

 

 

TOP

Contact: editor@petroleumworld.com,

Editor & Publisher:Elio Ohep/
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2016, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2017, Petroleumworld   / Elio Ohep - All rights reservedThis site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.