Alibaba, Foxconn Jointly Invest In Chinese Electric-Vehicle Firm

China e-commerce leader Alibaba (BABA) and manufacturing giant Foxconn Technology have co-led a $348 million funding round in a China-based manufacturer of electric cars inspired by Tesla (TSLA).
The funding round in Xiaopeng Motors was joined by venture capital firm IDG Capital, with the funds slated for both research and to expand production, Xiaopeng said in a release Monday.
China has identified alternative-energy vehicles as a strategic industry and plans to boost annual sales of electric cars and plug-in hybrids 10-fold in the next decade. Xiaopeng is one of a few dozen Chinese electric-car startups that have emerged after the government started issuing special manufacturing permits.