SHANGHAI—Chinese e-commerce giant Alibaba Group Holding Ltd. and Foxconn Technology Group have co-led a 2.2 billion yuan ($348 million) funding round into Chinese electric-vehicle manufacturer Xiaopeng Motors, marking Alibaba’s first big investment in a car makerVenture capital firm IDG Capital was the third lead investor in the funding, and the funds are slated for both research and production costs, Xiaopeng, also known as Xpeng, said in a release Monday.

Source: Wall Street Journal January 29, 2018 02:37 UTC