Ford recruits Alibaba to help break into China's electric vehicle industry

Ford recruits Alibaba to help break into China's electric vehicle industry

Ford has put a lot of focus on China's electric vehicle market - with a local joint venture expected to lead to 15 electric or hybrid models on sale in the country by 2025 - and today the automotive giant announced a tie-in with Alibaba to fulfill its ambitious goals.

According to sources close to the matter, Ford chief executive Jim Hackett and Ford executive chairman Bill Ford Jr. are set to be in Hangzhou on Thursday to sign the deal.

In October alone, 77,000 full electric vehicles were manufactured and an equal number of them were sold, up more than 76 percent and 95 percent respectively.

The model allows shoppers with good credit to purchase their new ride with a 10 per cent down payment and then make monthly payments for the vehicle purchase through Alibaba's affiliate Alipay, according to Alibaba.

Vehicles purchased online through Alibaba's Tmall may be delivered and serviced through Ford dealers, and indeed, the same could apply to vehicles found in the company's vending machine buildings.

Naples celebrates UNESCO recognition of art of pizza making
Thirty-four candidates were seeking to join the intangible heritage list, which was created in 2003 to mainly raise awareness. The art, which promotes solidarity among women, is handed down through observation.

The move, though, could be potentially problematic for dealers, some industry experts said.

The source said Ford is "behind in using big data" to monitor sales trends and effectively market its cars and the move to online sales as well as the access to Tmall's massive database of information on consumers would help it to catch up.

"The scope of alliance is fairly broad and vague at this point, but a large chunk of the" strategic collaboration" appears to be based around developing a direct sales channel to reach consumers in China. "But if this format gains steam, it would definitely impact dealers", said Yale Zhang, the head of Shanghai consultancy Automotive Foresight. "Retail innovation is great, but is by its nature disruptive and can't keep everyone happy". Getting a test drive via the internet could change that, though.

Under their new three-year agreement, the pair will initially explore new opportunities in the auto retailing experience, from pre-sales to test-drives and financial leasing options, Alibaba Group Holding Ltd. said in its announcement of the partnership.

China is the world's largest auto market, with about 23 million vehicles sold in the first 10 months of the year.

Related news:

Hot News

Look images from X-Men: Dark Phoenix
Dec 07, 2017 - 18:41
It's one of the most famous X-Men comic book runs of all time , originally published in 1976-1977, and sent ripples throughout the Marvel universe.

isis-killer-beheading-video-story-top Police responding to school shooting at Aztec High school
Dec 07, 2017 - 18:38
Police in Aztec, New Mexico, said Thursday morning that Aztec High School was on lockdown amid reports of a shooting. Bloomfield and Farmington high schools in the area are also on lockdown as a precaution, according to the station.

isis-killer-beheading-video-story-top Miss Universe 2017 victor is in Manila
Dec 07, 2017 - 18:34
Nel-Peters revealed in her latest Instagram post that she was with Mittenaere and that they will be touring the country. Later on Wednesday, the most handsome women of the universe proceeded to Resorts World Manila for a press conference.

isis-killer-beheading-video-story-top Technicals on Watch For Ishares 1-10 Yr Laddered Corp Bond ETF
Dec 07, 2017 - 18:29
A reading under 20 would suggest no trend, and a reading from 20-25 would suggest that there is no clear trend signal. With the strength building, investors might be taking a look at this name in conjuction with some other indicators.

isis-killer-beheading-video-story-top Ed Sheeran picks up MBE from Prince Charles at Buckingham Palace
Dec 07, 2017 - 18:27
At the end, Ed had a brief conversation with Prince Charles and told him that he was travelling to NY tomorrow for another gig. The singer-songwriter received the accolade in the 2017 Birthday Honours for services to music and charity. "...

isis-killer-beheading-video-story-top LG to release premium Signature smartphone
Dec 07, 2017 - 18:25
One other surprise of the LG V30 Signature Edition is the fact that it runs Android Oreo out of the box. Interestingly, LG will be selecting few lucky owners to have their names engraved on the back plate.

R. Kelly's Atlanta mansions 'ransacked' and burglarized
Dec 07, 2017 - 18:21
They told the authorities that Walker hired them to sell everything, claiming Kelly was moving his operation to Chicago. Police report that almost everything, including his furniture and electronics, were stolen from both of his properties.

Ryanair pilots and cabin crew to strike in Italy
Dec 07, 2017 - 18:19
Ryanair brushed off the prospect of fresh disruption, saying that previous threatened strikes hade failed to materialise. IALPA also published a video this week telling Ryanair chief Michael O'Leary to "grow up" and show pilots some respect.

isis-killer-beheading-video-story-top European Union executive takes Hungary to court over education, NGO laws, migration
Dec 07, 2017 - 18:17
Hungary adopted a law in April that set new requirements for non-EU universities based in the country. The European Commission says it is also taking Hungary and Poland to court for the same reason.

isis-killer-beheading-video-story-top Justice Department to clarify bump stock regulations
Dec 07, 2017 - 18:15
The legal analysis will revolve around the definition of the term "machinegun" and whether bump stocks fall in that definition. A review of the rapid-fire devices used in the mass shooting in Las Vegas is underway, according to federal officials.

isis-killer-beheading-video-story-top Instagram to Cut Messaging from App
Dec 07, 2017 - 18:08
When you open Direct, it goes straight to the camera - perhaps in an effort to condition you into creating and sharing content. As The Verge highlights , this could be the first step in removing messaging features from the core Instagram app.

isis-killer-beheading-video-story-top Huawei Mate 9 EMUI 8.0 update rolling out
Dec 07, 2017 - 18:02
It looks like today is the day Mate 9 and Mate 9 Pro users are getting the long-awaited Android 8.0 Oreo update. Huawei revealed in great details how they plan to roll out the Honor 9 and V9 Oreo OTA, and here is how it goes.

Traders Alert: Sears Hldgs Corp (SHLD)
Dec 07, 2017 - 17:59
According to the most recent data, Sears Holdings Corporation has a 52-week high of $14.32 and a 52-week low of $3.62. KCG Holdings Inc. acquired a new stake in shares of Sears Holdings Corp during the first quarter valued at $129,000.

isis-killer-beheading-video-story-top Chris Pratt, Neil Patrick Harris, Melissa McCarthy take over 'Jimmy Kimmel Live!'
Dec 07, 2017 - 17:55
Pratt turned host on Monday with guests Margot Robbie and Chris Stapleton while Ross welcomed Mary J. Jimmy Kimmel and wife Molly McNearney with daughter Jane and baby boy William "Billy" John Kimmel.

isis-killer-beheading-video-story-top Nepal votes in final phase of general elections
Dec 07, 2017 - 17:53
Soon after the constitution took force, protests by ethnic groups in southern Nepal turned violent and left some 50 people dead. Vehicles were banned from the streets and voters walked to polling stations in their neighbourhoods.