Tech giants hike auto holdings

China's technology titans are waging war on yet another front: automobiles.

An investment subsidiary of Alibaba Group Holding Ltd has acquired a holding of around 10 percent in Xiaopeng Motors, a Guangzhou-based new energy car startup, marking the latest entry into a crowded field that could become a $42 billion industry.

The parent of Xiaopeng has completed the transaction with Alibaba, according to Qichacha, a data bank that tracks business registration information in China, with no amount disclosed.