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People walking outside a Walmart a store in Washington, D.C. Nicholas Kamm/AFP via Getty Images
Walmart stock is rising following the news that the retail giant is pushing into fintech with its latest partnership, the latest in a string of moves diversifying away from its core business.
Walmart (ticker: WMT) announced on Monday that it would create a fintech start-up with Ribbit Capital, a backer of Robinhood and Credit Karma. The new company, which will be majority owned by Walmart, aims to “deliver tech-driven financial experiences tailored to Walmart s customers and associates.”
Walmart was up 1.5%, to $149.44, in trading Tuesday.
Jan. 9, 2021 8:33 am ET
SHANGHAI Chinese electric-vehicle startup NIO Inc. unveiled its fourth production model Saturday, as it prepares to face the challenge of Tesla Inc.’s locally built Model Y crossover, which launches in China in the coming weeks.
At the company’s annual “NIO Day” in the western city of Chengdu, Chief Executive William Li said the luxury ET7 sedan, costing between $69,185 and $81,230 depending on the configuration, would be a “cozy living room” with new autonomous-driving capabilities and features including seats with inbuilt massage functions. The car will be available in early 2022.
“In 2021, we will strive to live up to the expectation and keep moving forward,” Mr. Li said at the launch.