Chinese technology giant Alibaba Group Holding Limited (NYSE: BABA) has reduced its stake in XPeng Motors for the third time in several months. The multinational submitted a filing to the U.S. Securities and Exchange Commission (SEC) disclosing the sale of 33 million XPeng American Depository Shares (ADS) worth around $317 million through its subsidiary Taobao China Holding Limited.

Alibaba’s filing indicated it was selling XPeng ADS acquired in September 2019 as pre-IPO investments. XPeng had its U.S. initial public offering nearly a…

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