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Latest news updates: Ford scraps plans to produce an electric vehicle with Rivian

Hong Kong shares in Alibaba fell 10 percent on Friday, a day after the Chinese e-commerce giant predicted annual sales would grow at the slowest pace since its debut on the stock exchange in 2014.

The group’s New York-listed shares fell more than 11 percent on Thursday.

Alibaba’s second quarter results fell short of expectations due to declining consumption, increasing competition and a regulatory crackdown.

The group reported an 81 percent drop in net revenues on Thursday to $833.5 million in the third quarter, excluding Bloomberg’s consensus estimate of $3.76 billion.

Revenue in the three months to September increased 29 percent to $31.4 billion, compared to the same period last year, which fell short of analyst expectations of $32.3 billion.

Chinese shoppers have become more cautious with their spending, partly due to new Covid-19 outbreaks. In addition, Beijing has cracked down on technology companies, citing antitrust and national security issues.

Daniel Zhang, CEO of Alibaba, said increasing competition and declining consumption in China are the main drivers for weaker growth.

Maggie Wu, Alibaba’s chief financial officer, told analysts that competitors have “increased investment to acquire users and show high spending”.

Another Chinese tech giant, Tencent, last week posted the slowest revenue growth since its IPO in 2004.

Alibaba’s competitors are luring merchants away from its lower-cost Taobao e-mall business, but Barclays analyst Thomas Chong said Taobao remained an attractive platform.

“Domestic consumption, globalization and cloud continue to make progress, with Taobao the destination for consumers of different preferences,” he said.

Chong said Alibaba had also made “solid progress” on a number of initiatives, including attracting a rising percentage of new consumers from lower towns.

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