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Alibaba Group Holding (NYSE:BABA) has made significant strides in the European market by sponsoring UEFA Euro 2024.
The company’s e-commerce platform AliExpress, digital platform Alipay, and electric vehicle maker BYD Co highlight the growing influence of Chinese companies in global sporting events.
The tournament, which is in its knockout stages, features numerous Chinese tech giants as official global sponsors, Bloomberg reports.
Also Read: Alibaba’s AliExpress Prioritizes Spain For Overseas Growth, Also Eyes South Korea
These companies are leveraging the massive viewership of teams like Germany, England, and France to penetrate the European market, which is crucial for their growth.
The current tournament sees Alipay and BYD as significant sponsors, aiming to enhance their brand awareness in Europe.
UEFA Euro 2024 draws in large audiences, with over 50,000 fans attending each match. Germany’s matches attract over 20 million viewers, while England’s games have drawn around 15 million.
For brands like BYD, which faces challenges in the U.S. market due to tariffs, Europe represents a viable market for electric and hybrid vehicles.
In May, Alibaba appointed soccer legend David Beckham as the international brand ambassador for its e-commerce platform, AliExpress.
Price Action: BABA shares traded higher by 0.11% at $72.08 at the last check Monday.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Posted In: BABA
