GM, Ford to launch e-commerce purchasing sites.
Published:
5 November 1999 y., Friday
General Motors Corp. and Ford Motor Co., the world_s two largest automakers, on Tuesday both announced plans for e-commerce ventures to link its suppliers, dealers and other businesses. GM SAID its venture with Commerce One will launch in the first quarter of next year, resulting in large financial savings, speed to market with its vehicles and greater efficiencies. Through the agreement with Walnut Creek, Calif.-based electronic commerce services provider Commerce One, General Motors will create GM MarketSite, which will be a "virtual marketplace" for products, raw materials, parts and services.
All of the terms of the deal were not released, but Commerce One intends to issue GM warrants to purchase up to 4.8 million shares of Commerce One common stock after mutually agreed-to revenue targets are met. The warrants will become exercisable after the revenue targets are met. GM and Commerce One - which provides business to business electronic services linking buyers and suppliers of goods and services to trading communities over the Internet - expect details of the arrangement to be finalized in the fourth quarter. Both firms will derive revenues from fees charged the suppliers that use the site.The move represents GM_s first major business-to-business, e-commerce initiative, the company said."The e-world is a tough world and a competitive world," G. Richard Wagoner Jr., GM president and chief operating officer told reporters at an auto accessory show in Las Vegas on Tuesday. "I think we_ve got the winning hand. Time will tell."
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