Alibaba unit launches new online financing service for prospective vehicle buyers

Tmall.com, the business-to-consumer platform owned by Alibaba Group Holding Ltd, rolled out a financing service on Wednesday to help car purchasers in China get unsecured loans of up to 60,000 yuan ($9,606).

The new service underscored the Hangzhou-based e-commerce conglomerate's strong ambition to conquer a new sector - the online car market.

Tmall has gained fame mainly through the sales of clothes and shoes online.