Amazon.com Inc. AMZN announced Thursday that it will launch online vehicles sales in the U.S., starting in 2024 with sales of Hyundai Motor Co. KR:005380 vehicles. That sent shares of auto retailers CarMax Inc. KMX and Carvana Co. CVNA diving in afternoon trading. Amazon said that starting in 2024, auto dealers will be able to sell vehicles in Amazon’s U.S. store for the first time. The e-commerce giant didn’t mention other vehicle makers that it will partner with next. Amazon’s stock slipped 0.4% in afternoon trading. Meanwhile, CarMax’s stock dropped 6.4% and Carvana shares slumped 8.3%; just before Amazon made its announcement, CarMax’s stock was down 4.8% and Carvana shares were down 4.0%.
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