- Shares of Alibaba Group Holding Limited BABA and its Chinese peers are trading higher Monday as investors bet on policy easing and stimulus measures for the capital market.
- China's central bank on Monday rolled over maturing medium-term policy loans while keeping interest rates intact, despite growing concerns on the subdued recovery, Reuters reports.
- The company is also amid reports of landmark investment in the Taobao App and its autonomous driving lab renewing a higher focus on monetization.
- Alibaba proposes "huge" investments in its Taobao shopping app since it shared plans to split into six new units.
- Alibaba's e-commerce division eyes particular focus on content creation and launch artificial intelligence-powered tools for merchants, Bloomberg cites Trudy Dai, CEO of the newly spun-off Taobao Tmall Commerce Group.
- Alibaba's content push stems from the success of ByteDance Ltd's Douyin and similar short-video and live-streaming platforms gaining traction in e-commerce.
- Additionally, Taobao eyes "timely adjustments" to its platform fees and commission rates to benefit merchants. It also braces for an expanding suite of free smart operation tools.
- Also, Alibaba-owned Damo Academy's autonomous vehicle lab is preparing to merge into Cainiao, Alibaba's global logistics network, and cease to operate under the primary research institute.
- The revamp reflects the urgency for Alibaba to monetize its investment in autonomous driving, which is notoriously capital-intensive, TechCrunch reports.
- Damo has been powering Cainiao's last-mile delivery needs for six years with its flagship robovan, Little Donkey, ferrying e-commerce, restaurant, and grocery orders. As of June 2022, the self-driving, Nuro-like van had surpassed 10 million accumulative deliveries.
- Cainiao's footprint now extends to Brazil, Mexico, and Chile.
- Price Action: BABA shares traded higher by 2.12% at $87.14 premarket on the last check Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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