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Ford To Partner With Alibaba To Sell Cars Online In China
08 December 2017, 02:06 | Hattie Nash
Mark Truby, Ford's global chief spokesman said the company is expected to make an announcement on Thursday in Hangzhou, where Alibaba is based, but declined to comment in advance. And the new Zotye-Ford joint venture will develop a new range of affordable EVs under a new brand.
He said the joint venture will bring in impressive technology and competitive costs so that retail customers don't get choked out of the market. "The progress we have achieved in China is just the start". "Producing more vehicles for China locally allows us to improve the benefits for our customers, our partners and our bottom line".
Additionally, the letter of intent between the two company's commits them to "explore areas of cooperation" over the next three years in connectivity, cloud computing, artificial intelligence, mobility services, and digital marketing, according to Ford's press release. The Apollo Open Platform accelerates the development, testing and deployment of autonomous vehicles. Collaborating with leading technology players builds on our vision for smart vehicles in a smart world to reimagine and revolutionize consumers' mobility experiences, " said Jim Hackett, Ford's President and CEO.
"Some of our most advanced manufacturing and innovation facilities are here in China", said Peter Fleet, group vice president and president, Ford Asia Pacific.
The partnership would be part of Ford's effort to overhaul its China strategy to revive the growth momentum it has lost in recent months. Ford plans to open 100 new outlets next year.
China is taking the lead in the electric vehicle market as there is a real government push to clear the air, Bill Ford, executive chairman at Ford Motor Company, said on Wednesday. New single distribution services segment meant to release next year, meant to offer an improved experience for consumers and enhanced brand consistency while lowering costs. All new automobiles in China to be internet-connected by close of 2019.
Scharf Investments LLC Holds Stake in Dollar Gen Corp New (DG)
The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website . The stock of Dollar General Corporation (NYSE:DG) has "Neutral" rating given on Wednesday, October 21 by Bank of America.
New Lexus Crossover Will Challenge Land Rover, Jaguar
Lexas has announced a new crossover vehicle concept that will expand its crossover line into previously untouched territory. Lexus has been introducing every new model with a hybrid drivetrain option and we would expect that in this case as well.