Coinspeaker
Amazon to Launch Hyundai Vehicle Sales in 2024
Leading online retail shopping company Amazon.com Inc (NASDAQ: AMZN) has announced a broad and strategic partnership with South Korea-based automotive manufacturer Hyundai Motor Co. Ltd (KRX: 005380) to ensure sustainable growth and innovative customer experiences. According to the announcement made during the 2023 Los Angeles Auto Show, Amazon will be launching online sales of Hyundai vehicles in the United States beginning next year. Additionally, Hyundai named Amazon Web Services (AWS) as its preferred cloud provider in a bid to digitize its next-generation models and compete with other automakers. To crown the partnership, Amazon announced that the Alexa built-in experience will launch on Hyundai’s new vehicles.
Commenting on the partnership, Amazon Chief Executive Officer Andy Jassy highlighted that both companies share a similar passion for improving customer experience. As a result, Jassy highlighted that both companies will continue to work together for more innovative technology products in the coming years.
“Our broad, strategic partnership should do just that, from changing the ease with which customers can buy vehicles online to making it simple to use Alexa in Hyundai vehicles for entertainment, shopping, smart home adjustments, and calendar checks to enabling Hyundai to transform their customer experiences and business operations by moving to AWS. We look forward to inventing together for many years,” Jassy noted.
Notably, Hyundai vehicles beginning in 2025 will incorporate a hands-free Alexa experience similar to the one used in homes. For instance, Hyundai drivers will be able to ask Alexa to play music, set reminders, and connect with their home devices like climate control.
Hyundai and Amazon’s Market Outlook
The partnership between Amazon and Hyundai is strategic to the respective shareholders amid heightened competition in their vehicle and technology industries. Furthermore, Hyundai customers will have more value for their money through Amazon product. According to the President and Chief Executive Officer (CEO) of Hyundai Jaehoon (Jay) Chang, the partnership with Amazon will help expand its portfolio and grow its sales network as it transitions to fully electric vehicles.
“Amazon is the ideal partner to help realize our vision of progress for humanity, including improving how people and goods move more efficiently and sustainably. Hyundai is the first automotive company available for full end-to-end transactions in Amazon’s US store and this is another example of how we continue to push for ways to elevate the customer journey together with our outstanding retail partners,” Jay noted.
Following the announcement, AMZN stock tweaked 0.07 percent in the after-hours session to trade around $142.93. The $1.48-trillion-valued company has seen its stock market gain about 70 percent year-to-date.
