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