Venture capital firm IDG Capital was the third lead investor in the funding, and the funds are slated for both research and production costs, Xiaopeng, also known as Xpeng, said in a release Monday. Two other Chinese internet giants, Baidu Inc. and Tencent Holdings Ltd., have led fundings of at least $2.5 billion into Chinese electric-car companies including NiO and WM Motor Technology. Beyond China, Tencent also invested $1.8 billion for a 5% stake in Tesla Inc. last March. Alibaba, Tencent and Baidu want to see their technology incorporated into cars as autonomous vehicles edge into the market, giving them captive audiences for online gaming, streaming video, internet shopping and social media, said Bill Russo, founder of Shanghai consultancy Automobility Ltd. Alibaba and Foxconn executives said in the release that Xpeng gives the company the ability to tap into the intersection of the internet, artificial intelligence and traditional manufacturing, an area with a lot of promise.