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Alibaba announces foray into automobiles

Alibaba makes another move into the automotive world
By: Chris Smith | Business, Financial & Legal News | Posted: Apr 10, 2015 1:16 am

Said to include automotive financing, second-hand purchases and local services, Alibaba has announced that they have established a car division to provide users with online-to-offline services.

 

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Over 50 car manufacturers will be supported alongside more then 10,000 car dealerships and 20,000 service centers all partnered with this massive Chinese movement.

 

Lead by Wand Licheng, Alibaba's former Juhuasuan leader, this move is said to be due to competing companies also investing in the automotive industry. This news is paired with previous reports of SAIC Motor Corp co-investing 1 billion yuan ($161m) with Alibaba into development of internet-connected automobiles.

 

According to reports, Alibaba sold a massive 50,700 cars over 24 hours in China - known as the online shopping frenzy of 'Singles Day'.

NEWS SOURCES:Zdnet.com

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