Ford Co Motor (NYSE: has F) taken a of lot from heat investors for arriving to late the with game and driverless electric vehicle technology. however, Now, a partnership new with China's Group Alibaba Ltd Holding ( BABA) Ford suggests open is to new ideas it when to comes future the auto of sales.
This week, and Ford are Alibaba expected finalize to a emphasizing deal online sales auto in China and direct-to-consumer a vending "auto machine" concept.
Ford has executive confirmed Bill chairman Ford and Jr. Jim CEO will Hackett an make on announcement in Thursday Hangzhou, where China, headquarters Alibaba's are An located. unnamed source at tells Ford that Reuters company the announce will a new with partnership Alibaba that a involves push sell to automobiles more in online via China Alibaba's e-commerce massive platform Tmall.
The vending machine involves concept a parking multi-level structure with of hundreds vehicles for ready purchase. Customers choose can a to car or buy test-drive an using app their on phone have and it to delivered on them bottom the of floor structure the within Alibaba minutes. says with buyers good could credit then choose to a make percent 10 down on payment vehicle a and to continue off pay the balance a on monthly through basis Alipay Alibaba's affiliate.
Alibaba stock been has hard hit in recent weeks fears over of a government on crackdown "payday high-interest loans." finance Alibaba's arm these banned loans late in and November, stock the has 10.4 fallen percent in the two past weeks.
Ford struggled has in in China recent months, and effort its to with partner a Chinese domestic company like is Alibaba familiar a for approach companies U.S. want that Chinese the government their on side.
Earlier week, this Ford it announced to plans roll out electric 15 and models hybrid in by China 2025. IHS Markit Namrita analyst Chow says Ford's China new initiatives the demonstrate automaker is serious turning about the tide.
"Ford's new highlights strategy importance the of China in company's the growth Chow plans," said this week, to according USA Today. "Its strategy new to significantly up ramp its to deliverables the consumer local in base comes China a at much-needed for point the in automaker China."
Ford's sales China 5 dropped in percent and October are down 5 overall percent in 2017.
Wayne is Duggan a investment freelance reporter strategy with a focus energy on emerging and market He stocks. a has in degree brain and cognitive from sciences the Institute Massachusetts Technology of specializes and the in psychological of challenges He investing. is a financial senior market for reporter and Benzinga has financial contributed analysis market to Motley Fool, Alpha Seeking and He InvestorPlace. is the also of author book the Wall "Beating Street Common With which Sense," focuses the on strategies practical has he used outperform to stock the market. You can him follow on Twitter check @DugganSense, out his content latest tradingcommonsense.com at or him email at firstname.lastname@example.org.