War on another front: automobiles

Alibaba and Tencent are waging war on yet another front: automobiles.

An investment subsidiary of Alibaba owns about 10 percent of 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 move came amid a string of deals signed between the tech giant and automakers, as evidenced by its recent partnership with Ford and BMW to co-develop smart vehicles.