Alibaba Joins Connected Car Industry In Latest Push With Local Governments - Alibaba Gr Holding (NYSE:BABA)

Alibaba Group Holding Limited BABA and Chongqing leaders pledged deeper collaboration in connected cars and digital infrastructure days after Alibaba forged a new cooperation agreement with regulators in its eastern home city of Hangzhou.
Chongqing Communist Party Secretary Yuan Jiajun and mayor Hu Henghua on Thursday called on Alibaba to "strengthen" its operations in the city during a meeting with Chair and CEO Daniel Zhang Yong, SCMP reports.
Yuan, who had worked in Alibaba's home province of Zhejiang for eight years until late 2022, said Chongqing and the company can now cooperate in various areas, including connected cars, digital infrastructure, and rural development.
The municipal government also assured the delivery of "quality services" for businesses operating in the city.
Recently, Alibaba inked a new deal to bring more internet firms to Hangzhou.
In February, after the company signed a new deal with local authorities, Alibaba vowed to speed up construction at the latest phase of its global headquarters in the Yuhang district of Hangzhou, the capital of Zhejiang.
The developments reflect Alibaba's improving relationship with the domestic government after Beijing eased its regulatory crackdown on the country's tech industry.
The Chongqing branch of the China Banking and Insurance Regulatory Commission has approved the capital expansion of Alibaba fintech affiliate Ant Group's consumer credit unit.
Price Action: BABA shares traded lower by 0.66% at $81.68 on the last check Friday.

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