HONG KONG/TAIPEI -- Chinese e-commerce group Alibaba Group Holding has stepped up its involvement in China's electric vehicle sector, launching a sedan with wireless charging under a new brand formed together with SAIC Motor, the country's largest car company.
In another sign of the scramble for alliances in the fast-moving sector, Taiwanese iPhone assembler Foxconn Technology Group on Wednesday announced its own joint venture with Zhejiang Geely Holding Group, China's largest privately owned auto group.The moves underscore the growing ambition of Asia's largest tech groups in the automobile industry as they rush to team up with established carmakers to accelerate market entry and compete with U.S. rival Tesla in the world's biggest vehicle market.
Alibaba, already a major investor in domestic EV startup Xpeng Motors, is increasing its bet on the future of smart vehicles at a time when investors are sending shares of Tesla and Chinese rivals soaring - Link
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