XPENG Addresses BABA Stake Reduction: Emphasizes Continued Collaboration Amid Strategic Adjustments

Last week, $BABA-SW(09988.HK)$ decreased its stake in $XPENG-W(09868.HK)$ by 33 million ADS.

XPENG attributed BABA's stake reduction to the latter's strategic adjustments, as reported by the 21st Century Business Herald. XPENG reaffirmed its commitment to ongoing collaboration with BABA in research, development, and marketing efforts.

Highlighting Alibaba Cloud as a key strategic partner, XPENG expressed optimism about leveraging BABA's efficient artificial intelligence foundation for further innovation in intelligent electric vehicle technology.

XPENG noted positive trends in cash reserves, cash flow, and core operating data in 4Q23, suggesting minimal impact from BABA's stake reduction on its operations.