Image Source: Unsplash

• Amazon announced a strategic partnership with Hyundai on Thursday.
• The said collaboration includes vehicle sales directly through Amazon.
• Amazon stock is currently up a whopping 65% versus the start of 2023.

Amazon.com Inc (AMZN) is in focus today after it announced plans to let auto dealers sell cars on its website from 2024.

Amazon has partnered with Hyundai

The multinational said Hyundai vehicles will be the first one next year that consumers will be able to purchase online directly through its eCommerce platform.

Buyers will then have the option to either pick the vehicle up themselves or have a local dealership deliver it to them. In return, Hyundai cars will come integrated with Amazon’s voice assistant (Alexa) from 2025.   

The news arrives only days after Amazon partnered with Snap Inc as well to bring social shopping to over 400 million users on that social media app.

Shares of the Seattle-headquartered firm are up a whopping 65% for the year at writing.  

Amazon wants to enter the auto sales market

The announcement on Thursday reiterates that Amazon.com Inc wants to penetrate the $1.2 trillion auto sales market. Shares of CarMax and Carvana – online used car retailers are down more than 5.0% at writing.

So far, potential buyers could use digital showrooms on the eCommerce platform to compare vehicles. But now they’d also be able to checkout on Amazon as well. According to the Nasdaq-listed firm:

The new feature will create another way for dealers to build awareness of their selection and offer convenience to their customers.

Consumer will also be able to purchase replacement parts and related car products on the website, as per Amazon. Wall Street currently has a consensus “buy” rating on its shares.

More By This Author: