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Alibaba Co-Founder Steps Down From Board Affiliated to Chinese EV Maker

By Zhao Runhua / Dec 13, 2019 02:34 PM / Business & Tech

Photo: VCG

Photo: VCG

Alibaba co-founder Joseph Tsai has stepped down as a member of a board connected to China’s well-known new-energy vehicle manufacturer Xpeng Motors, public records show.

The change in the board of a Guangzhou-based Xpeng affiliate overseeing projects including vehicle design and sales was quietly added to a state-backed corporate information platform on Monday. Tsai reportedly has a stake in Xpeng.

Xpeng announced that Yu Yongfu, the president of an Alibaba-linked mobile business group, had joined the board of its affiliate.

Xpeng told Caixin in a WeChat message that Tsai’s departure was a “normal” corporate board change. Alibaba remains an “important shareholder” in Xpeng and Yu will continue to bring the internet giant’s strategic support to the automaker, the company added.

Xpeng founder and chairman He Xiaopeng remains the affiliate’s largest shareholder, holding 27.85% of the total stake.

In November, Xpeng announced it had raised $400 million in its latest Series C funding round backed by investors including smartphone-maker Xiaomi.

Related: Chinese EV Maker Xpeng Secures $400 Million Series C Funding With Xiaomi Tie-Up

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