Zhejiang Geely Holding Group in January signed an agreement with Foxconn, the Taiwanese contract manufacturer for Apple’s iPhones, to offer production services for other automakers.
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Alibaba Group’s third quarter net profit surged 56 per cent annually to $11.9 billion, buoyed by growth in its cloud computing and retail businesses.
Revenue for the three months ending December 31 soared 37 per cent annually to $33.8bn.
“Thanks to the rapid recovery of China’s economy, Alibaba had another very healthy quarter … China was the only major economy to achieve positive GDP [gross domestic product] growth last year,” Daniel Zhang, chairman and chief executive of Alibaba, said.
“Our cloud computing business continues to expand market leadership and show strong growth, reflecting the massive potential of China’s nascent cloud computing market as well as our years of investment in technology.”