Alibaba trims stake in Xpeng for second time in December
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FILE PHOTO: A sign of Chinese electric vehicle (EV) maker XPeng Motors is pictured at its booth in a shopping mall in Beijing, China November 3, 2023. REUTERS/Tingshu Wang
(Reuters) - Alibaba Group reduced its stake in China-based electric-vehicle maker Xpeng for the second time this month, according to a regulatory filing on Tuesday.
Alibaba reported a 9.2% stake in the stock as of December 15, compared with its stake of 12.5% more than a week ago.
The Chinese e-commerce giant had cut its holdings in Xpeng's Class A ordinary shares by about 6.5%, as of December 6.
Xpeng, which faces extensive competition in the vast Chinese EV market, posted a wider-than-expected third-quarter operating loss in November due to costs stemming from a production ramp-up.
(Reporting by Arsheeya Bajwa in Bengaluru; Editing by Krishna Chandra Eluri)
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