Why Alibaba Stock Is Rising Today

Alibaba Group Holding Ltd BABA shares are trading higher Monday after the company was granted a license to perform road testing of its self-driving trucks.

Following the widespread use of Alibaba's low-speed self-driving logistics vehicles, the company was approved to test its L4 self-driving trucks on the roads, according to a CnEVPost report.

Related Link: Alibaba Said To Get China License To Test Its Self-Driving Trucks On Road

Shares of several Chinese names are also trading higher amid loosening COVID-19 restrictions in the country.

According to reports, Beijing and Shanghai continue to ease restrictions as new infections remain under 100 per day, some provinces continue to report no new cases and lockdown measures remain lifted. China is reportedly recording the lowest number of new COVID-19 cases since the beginning of February.

BABA Price Action: Alibaba has traded between $230.89 and $73.28 over a 52-week period.

The stock was up 1.84% at $119.69 at press time, according to data from Benzinga Pro.

Photo: courtesy of Alibaba.

Posted In: why it's movingNewsGlobalMoversTrading Ideas

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