Alibaba Ups The Ante In Connected Cars With Ford Partnership

Alibaba Group Holding Limited BABA has made yet another move to strengthen its presence in the automotive space.

The company has teamed up with Ford Motor Company F to explore new opportunities in the connected car space. The deal is in line with the Chinese conglomerate's strategy of gradually merging online and offline retail.

Following the news, the company's share price surged 1.07%, eventually closing at $174.47. Also, on a year-to-date basis, shares of Alibaba have steadily treaded higher. The stock has returned 98.7% compared with the industry's gain of 57%.

Alibaba Group Holding Limited Price and Consensus

 

Alibaba Group Holding Limited Price and Consensus | Alibaba Group Holding Limited Quote

Zacks Rank

Alibaba currently has a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here.

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