+ 7.36
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+ 1.65%

Is Alibaba Interested In Detroit?

February 1, 2016 12:54 pm
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Is Alibaba Interested In Detroit?

E-commerce provider and the world's fourth-most valuable company Alibaba Group Holding Ltd (NYSE: BABA) has recently been in talks with Detroit.

Once known for its industrial prowess, Detroit has been experiencing a fueled resurgence following its bankruptcy from July 18, 2013 with renewed fervor, appealing to large-name, global companies to help reignite the Motor City.

According to Crain's Detroit Business, Detroit Chinese Business Association reached out to Alibaba after the city's interest in Alibaba was piqued following a recent investment by General Motors Company (NYSE: GM) into Alibaba-backed Lyft in San Francisco. The initial reach out was answered positively, resulting in Chief Marketing Officer Tiger Wang traveling to Detroit to talk.

Related Link: Tesla Still Wants To Come To Michigan

Vice President of Global Strategy for the Detroit Chinese Business Association Milan Stevanovich said tat Wang met with the president and chief marketing officer of Quicken Loans, Jay Farner and toured the city.

Stevanovich commented, "We're looking for them [Alibaba] to open an office for strategic business partnerships and potential investment opportunities as well […] Then, hopefully, they can open a regional or North American office here in Detroit."

No news has emerged yet regarding concrete plans for an expansion into Detroit.

Benzinga has reached out to Quicken Loans for comment.

At time of writing, Alibaba was trading down 1.2 percent at $66.23.

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