20.05.2020 Alibaba Daily Analysis

20.05.2020 Alibaba Daily Analysis

In China's southern city Zhaoqing, Chinese electric vehicle (EV) manufacturer Xpeng said on Tuesday it has a production license for its fully-owned Zhaoqing car plant and is backed by Alibaba Group Holding Ltd (N:BABA) and Xiaomi (OTC:XIACF) Corp (HK:1810). The plant is initially making Xpeng's new P7 electric sedan model. The company which is based in Guangzhou is also building G3 sport utility vehicles in Zhengzhou, which is jointly built by Xpeng and Haima Motor. Alibaba(NYSE:BABA) is going up by $1.92, or by +0.89% at $217.20. Alibaba (NYSE:BABA) Group Holding Ltd will also be investing into an AI (Artificial Intelligence) and IoT (Internet of Things) with an amount of 10 billion yuan ($1.41 billion), the company announced on Wednesday that the system is to be centered around its Tmall Genie smart speaker.