Amazon Goes Aggressive In India, Starts Amazon Air For Shipping – Yahoo Finance Inc (NASDAQ: AMZN) began air shipment services in India, despite the pandemic recovery-driven global online sales softening.
Amazon looks to tap its cargo capacity in its partner Quikjet Cargo Airlines Pvt operated Boeing Co (NYSE: BA) 737-800 aircraft to start shipping in Hyderabad, Bangalore, New Delhi, and Mumbai, Bloomberg reports citing VP Akhil Saxena.
Amazon tried to sublet unused space in its cargo jets as it battled the post-pandemic slowdown.
Also Read: Amazon Bags $8B Loan To Beat Market Headwinds
Demand for air cargo has cooled, with the sector likely to slow down further this year.
Amazon owned over 110 planes flying to more than 70 destinations worldwide, Saxena said, at a launch event in Hyderabad, southern India.
Amazon offered space on its planes and charter flights on top of plans to sublet excess warehouse space.
Amazon launched its air cargo service in 2016, spurring speculation that it would ultimately create an overnight delivery network to rival  United Parcel Service, Inc (NYSE: UPS) and FedEx Corp (NYSE: FDX).
Amazon Air operated out of small regional airports close to its warehouses to fast-track one- and two-day delivery.
Last November, Amazon quietly began offering its transportation and logistics network as a service to third-party merchants, businesses, and direct-to-consumer brands in India.
Amazon has spent over $6.5 billion in India over the past seven years and said its offerings are shipping at “competitive rates” with no additional fee for deliveries on weekends and no contract formality for a consignment.
Amazon opened its logistics network to third-party merchants in the U.S. in 2022 with Buy with Prime.
Price Action: AMZN shares traded higher by 0.92% at $98.14 premarket on the last check Monday.
Photo via Wikimedia Commons
Don’t miss real-time alerts on your stocks – join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
This article originally appeared on
© 2023 Benzinga does not provide investment advice. All rights reserved.
Related Quotes
Amazon Air has officially launched in India as the company seeks to expand its delivery output in one of the largest markets in the world.
In this video, I will talk about why Shopify (NYSE: SHOP) soared on Monday after some new analyst upgrades and explain why investors shouldn't necessarily take this as a buy signal. *Stock prices used were from the trading day of Jan.
Amazon has launched Amazon Air, its dedicated air cargo fleet, in India as the e-commerce giant bulks up its logistics infrastructure in the key overseas market where it has deployed more than $6.5 billion. The retailer has partnered with the Bengaluru-based cargo airline Quikjet to launch its maiden air freight service in the country, which it said will enable the firm to speed up its delivery. Amazon, which is utilizing the Boeing 737-800 for the service, said it will initially use Amazon Air to deliver goods in Delhi, Mumbai, Hyderabad and Bengaluru.
Wells Fargo & Co (NYSE: WFC), Bank Of America Corp (NYSE: BAC), JP Morgan Chase & Co (NYSE: JPM), and four other banks worked on a digital wallet linked to their debit and credit cards. Early Warning Services LLC would manage the wallet that aimed to compete with Apple Inc (NASDAQ: AAPL) Apple Pay, and PayPal Holdings, Inc (NASDAQ: PYPL), CNBC reports. EWS would launch the new wallet with Visa Inc (NYSE: V) and Mastercard Inc (NYSE: MA) debit and credit cards. Bernstein analyst Harshita Rawat sa
Swedish music streaming giant Spotify said Monday it was cutting six percent of its roughly 10,000 employees in the latest cost-cutting announcement among technology companies.On Friday, Alphabet announced it would cut 12,000 positions, just a day after Microsoft announced a cut of 10,000.
Amazon says it’s ending AmazonSmile because the program, which donated $400 million in the U.S., didn’t have enough impact. Some small nonprofits disagree.
Razzie Nominations 2023
Acerinox (ANIOY) could be a great choice for investors looking to buy stocks that have gained strong momentum recently but are still trading at reasonable prices. It is one of the several stocks that made it through our 'Fast-Paced Momentum at a Bargain' screen.
Investors need to pay close attention to Brookline Bancorp (BRKL) stock based on the movements in the options market lately.
Baker Hughes (BKR) delivered earnings and revenue surprises of -7.32% and 2.55%, respectively, for the quarter ended December 2022. Do the numbers hold clues to what lies ahead for the stock?
Bank of Hawaii (BOH) delivered earnings and revenue surprises of 3.45% and 0.46%, respectively, for the quarter ended December 2022. Do the numbers hold clues to what lies ahead for the stock?
Many people rely on Amazon Prime for everything from gifts to school supplies to household essentials. In 2022, Amazon raised the cost of an annual Prime membership from $119 to $139. If you stuck with Amazon through its most recent fee hike, you may be maxed out on what you're willing to pay for a Prime membership.
Science Applications (SAIC) introduces centralized data science platform, Tenjin, to deliver government focused solutions in areas like computer vision, natural language processing and data fusion.
TSA confirmed it is investigating a "potential cybersecurity incident."
Investors need to pay close attention to Rayonier Advanced Materials (RYAM) stock based on the movements in the options market lately.
L3Harris' (LHX) fourth-quarter results are likely to benefit from growth across all its segments, partially weighed down by the impacts of supply-chain challenges.
Technology behemoths like AAPL, MSFT, META, GOOGL and NVDA are currently trading at huge discount from their respective 52-week high levels.
Amid challenging operating environment and bearish investor sentiments, asset managers – Artisan Partners (APAM), Ameriprise (AMP) and Invesco (IVZ) – are set to outpace estimates in Q4.
Investors need to pay close attention to Black Stone Minerals (BSM) stock based on the movements in the options market lately.
STORY: With China celebrating the Lunar New Year, Asia's tourism hotspots have been bracing for the return of Chinese tourists, who spent $255 billion a year globally before the pandemic. Countries from Thailand to Japan had depended on China as their largest source of foreign visitors.Beijing in December abruptly dropped some of the toughest COVID restrictions on earth, which had battered the world's second-biggest economy.Business owner Yoyo Chen, 32, from Yiwu in central China, said returning to Thailand felt like coming home."I'm here to eat seafood. Previously, when I was here, I ate mango sticky rice, which was delicious. Back in China I kept thinking about the mango sticky rice here. I'm looking forward to the food, as well as visiting the beaches," Chen said.


Leave a Reply

Your email address will not be published. Required fields are marked *