Alibaba trims stake in Xpeng for second time in December

(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)