INTRODUCTION



Submission Coversheet (All Programmes)Student ID Number(Do not include student name as anonymous marking is implemented)Programme Title?BSc Marketing Extended DegreeModule Title?Applied Corporate StrategyModule Code (listed on Moodle and in LTAFP)?QAB020X603SModule ConvenorCoursework Title?Amazon to Acquire Autonomous Driving Start-up Zoox for ?1.2 BillionAcademic Declaration: Students are reminded that the electronic copy of their essay may be checked, at any point during their degree, with Turnitin or other plagiarism detection software for plagiarised material. Word Count2847Date Submitted?04.05.2021Please save your file as: student id_module code_module_title_assessment namefor example: COR15416549_QAB020N592S_Managing Organisations)_Essay 1 TeamworkAmazon to Acquire Autonomous Driving Start-up Zoox for ?1.2 BillionTABLE OF CONTENTS TOC \o "1-3" \h \z \u INTRODUCTION PAGEREF _Toc71010507 \h , INC. BACKGROUND PAGEREF _Toc71010508 \h 4EXTERNAL ANALYSIS PAGEREF _Toc71010509 \h 4PESTLE PAGEREF _Toc71010510 \h 5Political factors PAGEREF _Toc71010511 \h 5Economic factors PAGEREF _Toc71010512 \h 5Social factors PAGEREF _Toc71010513 \h 5Technological factors PAGEREF _Toc71010514 \h 6Legal factors PAGEREF _Toc71010515 \h 6Environmental factors PAGEREF _Toc71010516 \h 6PORTER’S FIVE FORCES PAGEREF _Toc71010517 \h 7Threat of new entries PAGEREF _Toc71010518 \h 7Threat of substitutes PAGEREF _Toc71010519 \h 7Bargaining Power of suppliers PAGEREF _Toc71010520 \h 7Bargaining power of buyers PAGEREF _Toc71010521 \h 8Threat of rivalry PAGEREF _Toc71010522 \h 8INDUSTRY ATTRACTIVENESS PAGEREF _Toc71010523 \h 8INTERNAL ANALYSIS PAGEREF _Toc71010524 \h 9UNIQUE RESOURCES PAGEREF _Toc71010525 \h 9Physical resources PAGEREF _Toc71010526 \h 9Financial resources PAGEREF _Toc71010527 \h 9Human resources PAGEREF _Toc71010528 \h 9Intangible PAGEREF _Toc71010529 \h 10DISTINCTIVE COMPETENCIES PAGEREF _Toc71010530 \h 10VALUE CHAIN OF AMAZON PAGEREF _Toc71010531 \h 11VRIO Matrix PAGEREF _Toc71010532 \h 12EVALUATION PAGEREF _Toc71010533 \h 13SUITABILITY PAGEREF _Toc71010534 \h 14TOWS MATRIX PAGEREF _Toc71010535 \h 14ACCEPTABILITY PAGEREF _Toc71010536 \h 15Stakeholders mapping PAGEREF _Toc71010537 \h 16FEASIBILITY PAGEREF _Toc71010538 \h 17APPENDICES PAGEREF _Toc71010539 \h 19Appendix 1 PAGEREF _Toc71010540 \h 19Appendix 2 PAGEREF _Toc71010541 \h 20Appendix 3 PAGEREF _Toc71010542 \h 21Appendix 4 PAGEREF _Toc71010543 \h 22Appendix 5 PAGEREF _Toc71010544 \h 22Appendix 6 PAGEREF _Toc71010545 \h 23Appendix 7 PAGEREF _Toc71010546 \h 23Appendix 8 PAGEREF _Toc71010547 \h 24Appendix 9 PAGEREF _Toc71010548 \h 25Appendix 10 PAGEREF _Toc71010549 \h 25Appendix 11 PAGEREF _Toc71010550 \h 26Appendix 12 PAGEREF _Toc71010551 \h 26REFERENCE LIST PAGEREF _Toc71010552 \h 27INTRODUCTION The aim of this report is to analyse and assess , Inc. acquisition corporate strategy. The external analysis includes evaluation of the PESTLE environment as well as evaluation of the business attractiveness of the autonomous vehicle industry by using the Porter’s 5 Forces model. The internal analysis evaluates the company’s resources and distinctive competencies based on the value chain and VRIO matrix. , INC. , Inc. was registered on the 1st of November, 1994 and incorporated in the state of?Washington (, 2021). It is an online retailer, physical retailer, web service provider and manufacturer and seller of electronic devices. The company provides an internet trading platform for e-commerce. It deals with delivery and logistics as well as advertising, publishing, and creating online content. In 1996, Amazon was reincorporated in?Delaware and issued its?initial public offering?of?stock?on May 15, 1997, trading under the?NASDAQ?stock exchange symbol?AMZN, at a price of $18.00 per share?(, 2021).EXTERNAL ANALYSIS The global autonomous vehicle industry is developing at a high speed (See Appendix 1). The demand for autonomous vehicle units is estimated to 6700 for 2020 and is expected to increase at a compound annual growth rate of 63.1% for the period 2021-2030 and reach 4,223,800 units (Grand View Research, 2020). The competition in this segment of the automotive industry is high with over 40 players from car manufacturers to technological and e-commerce companies like Alphabet and Amazon (CBINSIGHTS, 2020). There are a lot of external factors influencing the development of autonomous cars both on macro and micro level the most important of which are discussed in the next sections of this report.PESTLE Political factorsGovernment funding and investment in digital infrastructure play a significant role as a driver for the development of the driverless vehicle industry. For example, governments are investing in sensors in roads or street signs that send signals to AVs which will make this kind of transport safer and more reliable (McKinsey & Company, 2021). A McKinsey & Company (2017) report reveals that only 41% of US roads are appropriate for the needs of autonomous vehicles and the positive attitude towards the industry is a chance for that problem to be resolved (Duvall et al., 2019). Thus the positive attitude of the government concerning the autonomous vehicles industry represents an opportunity for its development.Economic factorsThe economic growth of the autonomous vehicle industry with an estimated CAGR of 63.1% from 2021 to 2030 (Grand View Research, 2020) raised the stock market performance of the global market players in the autonomous vehicle industry (See Appendix 2 ADDIN Docear CSL_BIBLIOGRAPHY). This keeps the investors' interest growing which is an opportunity for the companies in the branch to attract capital to accelerate the development of the sector.Social factorsSelf-driving vehicles empower free mobility for non-drivers as well as disabled and aged people. They allow travellers to go with more comfort and flexibility to read, rest, or even work while travelling, accordingly expanding their proficiency and guaranteeing better connectivity (CBINSIGHTS, 2020). It is estimated that the direct societal value that will be created will be between 0.2 and 1.9 trillion dollars annually by 2025 (Bagloee et al., 2016). However, lack of acceptance because of safety issues and eventual jobs losses is a threat for the industry. According to self-driving car statistics, nearly 43% of people in the US do not feel safe in a driverless car (Kopestinsky, 2021).? Technological factorsThe autonomous vehicle technology also gives the industry the opportunity to develop different range products and innovations, from Lidar and Radar systems to in its way to Level 5 full autonomy. Appendix 2 displays the demand for advanced driver-assistance systems (self-parking systems, backup cameras, etc.) for the period from 2014 to 2016 (McKinsey & Company, 2017). A recent McKinsey & Company survey finds that drivers, on average, would spend an extra $500 to $2,500 per vehicle for various ADAS features (McKinsey & Company, 2017).?The movement from Level 4, which is available now, to Level 5 autonomous vehicles is expected to happen by 2030 (McKinsey & Company, 2021).Legal factorsLegal issues concerning liability, insurance and data protection are among the problems that should be resolved. A supportive regulatory framework is developed to address these issues and gradually transfer the responsibility for car accidents and crashes to the manufacturers, developers and regulators (Pattinson et al., 2020). This is an opportunity because it contributes to safety, and thus the autonomous cars become more attractive for consumers.Environmental factorsDriverless technology when joined with electric vehicles will diminish carbon emissions and contribute to decreasing air contamination. This is an opportunity for the car industry as a whole to keep the business sustainable. It can also reduce congestion by improving coordination and decreasing the number of car accidents (Williams et al., 2020). The ability of self-driving vehicles to interact with each other could reduce vehicle energy usage by up to 25% (Green Journal, 2020). From an ecological point of view, the development of autonomous vehicle technology is an opportunity to secure a green future for the planet.PORTER’S FIVE FORCES To assess the attractiveness of the autonomous vehicles industry Porter’s Five Forces model is applied (See Appendix 3).Threat of new entriesThe testing required for developing the technology necessary for driverless vehicles, patents and licensing costs keeps the threat of new entrants into the industry low. Technology is expensive and patents and licensing costs are high which makes it difficult for new participants to enter the market. To enter the industry ample capital investment is required. Other barriers for new entries are government and its safety regulations. New organizations entering the business are needed to follow and comply with the strict and costly guidelines and regulations surrounding ADAS (Advanced Driver Assist Systems). This means that the threat of new entries in the autonomous vehicles industry is low.Threat of substitutesThe speed limits and the fact that autonomous vehicles are bound to the street make the threat of replacement high. Individuals can undoubtedly utilize regular vehicles rather than driverless. The low level of acceptance of autonomous vehicles is an important factor that contributes to the high risk of substitution and it depends on the perception of autonomous vehicles safety as well as on the perception of some legal and ethical issues related to autonomous driving (Othman, 2021). Bargaining Power of suppliersThe bargaining power of suppliers is low in light of the fact that the vehicle producers have a well-established organization of supply. The autonomous car industry is to some extent a new business and the providers will be anxious to sign more agreements. Companies like Alphabet, Tesla, Uber and Amazon are investing a lot of money in the sector creating in this way a huge competition among suppliers (CBINSIGHTS, 2020).Bargaining power of buyersThe initial bargaining power of buyers is low which is due to the lack of options and choices of the new product. The market segment of autonomous vehicles is too small despite its rapid growth and the autonomous vehicles are still unavailable to the mass market. According to Grant (2016) when the buyer is relatively small compared to the manufacturer, the buyer power is weak. This means that customer is unable to negotiate the price and put pressure on the producers of the autonomous vehicles. Nonetheless, this will shift over time with the advancement of new and different vehicle models.Threat of rivalryThe threat of rivalry is high because this is s new industry and the market is not saturated. A lot of companies are competing in the sector, including Uber, Tesla, and Google. An increasing number of traditional car manufacturers, including Volvo, Ford, BMW, Mercedes-Benz, Nissan and General Motors, have also joined the competition. At the moment, the autonomous car market is estimated to be worth $54 billion (Kopestinsky, 2021).?Figure * in appendix * shows the key technologies developed by some of these companies (Bagloee et al., 2016).INDUSTRY ATTRACTIVENESSThree of Porter’s five forces are low, and two are high which makes the industry attractive for the companies that have interests in the driverless car business.INTERNAL ANALYSIS The internal analysis deals with Amazon’s resources and capabilities. For this purpose, it uses Porter’s Value chain and VRIO frameworks (See Appendices 4, 5 and 6).UNIQUE RESOURCES Physical resourcesAmazon owns 15,615 square footage of office spaces, physical stores, fulfilment and data centres, and $73Bn in property and equipment for 2019. Amazon operates a fleet of 80 planes. It has 60,000 trucks and vans. (Franek, 2020). These assets represent strength for the company and can be used for its future expansion.Financial resourcesAmazon’s revenue for 2020 is $386Bn which is an increase of 27% compared to the $281Bn revenue for 2019 (Amazon, 2020). The company is still focused on growth and invested $42Bn in research and development for 2020. It is strong financially with profits coming from different streams: e-commerce, physical stores, 3rd party sellers, subscription services, Amazon Web Services (AWS), advertising (Franek, 2020). The potential for future growth is coming from physical retail business, advertising and renting of its cashier-less technology to other businesses and retailers. Amazon is strong financially which is a strength and gives it the opportunity to grow and invest in new technologies and equipment. Human resourcesAmazon is a powerful brand and has attracted talented people to work for it. It has computer scientists, designers, software and hardware engineers, and merchandising employees. The company’s Annual Report for 2019 shows that it has over 590,000 employees in the U.S., 115,000 in Europe and 95,000 in Asia (Amazon, 2020). In addition, it supports directly or indirectly 2 million jobs in the US in different sectors of the economy, including construction, logistics and services (Amazon, 2020). Amazon has approximately 285 million active customer accounts worldwide of which 150 million Prime members (Amazon, 2020). Along with the qualified personnel: engineers and computer specialists, this reveals the company’s strength and distinctive capabilities. IntangibleAmazon possesses a colossal pool of information which it will use for its driverless delivery. Amazon Web Services (AWS) provide cloud computing services and infrastructure which is the 3rd significant income stream for the organization. The company’s brand value reached its highest - $415.86Bn in 2020 (Handley, 2020) and is the most valuable brand in the world. This is an increase of 32% compared to 2019. The brand doubled its value in two year time since 2018 when it was worth $207.59Bn (Statista, 2021b) (See Appendix 7). This is due partly to the COVID-19 pandemic when online businesses mark a surge in their sales. The company enjoys an excellent reputation which with the rest of its intangible resources represent a strength and competitive advantage for Amazon.DISTINCTIVE COMPETENCIES The Value Chain of Amazon represents the strategic position of the company and facilitates the understanding of its resources, competencies and which of them are of importance for creating value for consumers (Johnsons et al., 2017). Table 1VALUE CHAIN OF AMAZONSupport activitiesInfrastructureAcquisitions and reinvestment of profits are the basic strategies of AmazonHRMInvestment in staff through different training programsR&DInvestments in research and development. Advanced customers database and analytic tools for recommendation and personalization. Cashier-less technology. Investments in autonomous vehicles industry. Fully optimised and automated warehouses and distribution centres.ProcurementA vast number of vertically integrated suppliers.Primary activities Inbound logistics- Vertically integrated suppliers- Fulfilment by Amazon (FBA)- Item replenishmentOperations- Marketplace operations, packaging- Device and content creation- AI – Software development - AWS operationsOutbound logistics- Own delivery fleet- Physical stores- Digital delivery- Amazon Flex (gig-economy based delivery service)- Same day delivery and streaming video services for its prime membersMarketing and sales- E-commerce infrastructure provider with an extremely strong digital presence- 3rd parties salesServices- Web service provider- Advertising- Provides access to its customers to third parties Data sources: Amazon (2020)Table 2VRIO MatrixActivityValue Rare Inimitable Organisational supportCore competenceDelivery and logisticsYesYesYesYesCoreAcquisition and reinvestment YesNoNoYesNon-core, temporary advantageAmazon Web ServicesYesYesNoYesNon-core, temporary advantageE-commerce infrastructure with an extremely strong digital presenceYesNoNoYesNon-coreStrong investments in research and developmentYesNoYesYesNon-coreSource: Author (2021)Table 1 reveals the company’s strengths based on its customer-centred approach, huge investments in human resource management, and research and development. Amazon (2020) in its “Notice of 2020 Annual Meeting of Shareholders & Proxy Statement” puts an accent on its $700 million investment plan in programs to train over 100,000 employees by 2025. The company plans to invest $42B in research and development for 2020 (Franek, 2020).Table 2 showcases Amazon’s major competencies. Delivery and logistics outlines as its main core competence. No other brand has similar resources and capacities in terms of distribution. 175 fulfilment centres help the company match millions of sellers with millions of buyers daily (Amazon, 2020). It is valuable for consumers because they can receive their orders quickly and on time. Not all companies can afford to invest huge sums of money to make this process fast and smooth. That is the reason to consider this capability rare and difficult to imitate. Amazon fully supports innovations in its delivery and logistics activities. It is the biggest spender on research and development in the entire industry (See Appendix 8). In 2020 invested $1,2Bn to acquire the autonomous driving start-up Zoox 2Bn (McGee and Lee, 2020; Hamilton, 2020). The acquisition’s long-term purpose is to use driverless cars for deliveries and reduce its transport expenses as well as developing new and innovative products for the autonomous vehicle industry (Liberto, 2020). EVALUATION To evaluate the proposed , Inc. acquisition strategy and its purchase of the autonomous vehicle start-up Zoox for $1,2Bn in 2020 this report uses the SAF (Suitability-Acceptability-Feasibility) framework (see Appendix 9).Ansoff’s matrix (see Appendix 10) suggests that Amazon’s acquisition strategy aims at the development of new products and services that will reduce its production costs particularly in delivery and logistics (Whittington et al., 2020). In its history, Amazon has made several acquisitions to strengthen its market position and extend its presence worldwide. SUITABILITY Table 3TOWS MATRIXINTERNAL FACTORSStrengths (S)S1 Brick-and-mortar stores, fulfilment centres, vehicles and planesS2 Highly trained employeesS3 Financially powerful companyS4 AWS provider with access to its customer database for business partners and worldwide supportS5 Strong brand awarenessS6 Intellectual propertyS7 Worldwide digital presence (e-commerce)Weaknesses (W)W1 High dependence on US market despite its strong global presenceEXTERNAL FACTORSOpportunities (O)O1 Government support and investments in digital infrastructureO2 Global economic growth in the autonomous vehicle industryO3 Supportive regulatory framework for autonomous vehiclesO4 Technological innovationsO5 Opportunity to tackle climate changeSO Strategic optionsS3+O1, O2 Acquisition of Zooks (future reduction of delivery expenses)S1+O1 Design and manufacture autonomous vehiclesS6+O2 Use of its Intellectual property to manufacture products needed in the autonomous vehicle industryS3+O4 Improve outbound logistics and deliveryS8+O2 Increase market shareWO Strategic OptionsThreats (T)T1 Strict and immediate emissions regulations. T2 Moderate rivalry in the industry.ST Strategic optionsWT Strategic optionsSource: Author (2021)The TOWS matrix framework used to assess the suitability of Amazon’s acquisition strategy (see Appendix 11) reveals the strong capabilities of the company matched with favourable external conditions. Amazon’s strength as a financially powerful company with revenues growing exponentially in the last few years (Amazon, 2020), and the global economic growth in the autonomous vehicles industry combined with government support and investments in digital infrastructure, points out that the acquisition of Zoox is suitable. It will help the company to release its goal to reduce its delivery expenses and eventually to compete in new market areas such as shared mobility.ACCEPTABILITY Risk The liquidity ratio can be calculated by dividing the current assets of the company by its current liabilities (Collier, 2003). For , Inc. it is around 110% for two consecutive years, as seen in Table 4, which indicates that the current assets surpass the current liabilities and the company can meet its obligations. That means that there is no risk when applying its acquisition strategy. Table 4Working capital ratio (Liquidity ratio)Working capital ratio (Current ratio) = Current assets/Current liabilities (in $ million)20192018Current assets96,33475,101Current liabilities87,81268391Working capital ratio 109.7%109.8%Source: (2021), MarketScreener (2021)Return The return on capital employed (ROCE) ratio is calculated by dividing the earnings before interest and tax (EBIT) by the capital employed (Collier, 2003). It is used to assess the efficiency of capital used to generate profit and the suitability of a company for investments (Collier, 2003). For Amazon, as it is evident from the numbers in Table 5, there is a slight decrease of 2.59% for 2019 compared to the previous year. However, it remains still high which makes the company attractive for new investors.Table 5Return of Capital Employed (ROCE) ratio (Efficiency ratio)ROCE ratio = EBIT/Capital employed (in $ million)20192018EBIT14,54112,421Total assets225,248162,648Current liabilities87,81268,391Capital employed137,43694,257ROCE10.58%13.17%Source: (2021), MarketScreener (2021)Reaction To evaluate the stakeholder reaction towards Amazon’s acquisition of Zoox a stakeholders’ map will be done based on Mendelow’s Matrix (Johnson et al., 2017).Table 6Stakeholders mappingLEVEL OF ATTENTION 90614510223500 LOW HIGH POWER93345-234823000HIGH LOW A Minimal effortMediaB Keep informedCompetitorsAmazon’s employeesAmazon’s suppliersZoox’s employeesZoox’s suppliersC Keep SatisfiedGovernmentD Key PlayersAmazon managementZooks managementAmazon shareholdersZooks shareholdersThe Federal Trade Commission's Bureau of CompetitionSource: Author (2021)The key players who are directly involved in the process of acquisition are the managements of Amazon and Zoox, their shareholders and The Federal Trade Commission's Bureau of Competition on whose permission depends the deal.The management of the two companies can be identified as facilitators of the acquisition because it will lead to the growth of Amazon and will give the opportunity of Zoox to accelerate the creation of a safe and clean autonomous vehicle (Korosec, 2020).The second group of key players is the shareholders of Amazon and Zoox. They also belong to the group of facilitators because of the expected growth of shares and Amason’s promise to allow Zoox to operate as a "standalone business." (Hamilton, 2020)There are less powerful stakeholders like the suppliers and employees of both companies. However, they should be kept informed about the deal because they will be highly affected by the acquisition.FEASIBILITY Financial resourcesGearing ratioTo assess Amazon’s decision to pay $1,2Bn in cash for the acquisition of Zoox (Templeton, 2020) the gearing ratio and free cash flow of the company should be taken into consideration. The gearing ratio represents the relationship between long-term debt and the shareholders’ equity (Collier, 2003). A higher gearing ratio means that the company has a larger proportion of debt versus equity which may result in difficulties to meet its obligations if the economy slows down (Hayes, 2021). The debt-to-equity ratio can be calculated by dividing the total debt of the company by total equity. In 2019 the debt-to-equity ratio for Amazon is 65% (, 2021) compared to 91% for the previous year. Even though the gearing ratio is high, Amazon’s free cash flow for 2019 is $21,653M (, 2021) which makes the acquisition of Zoox possible and with very low risk.Human Resources In terms of human resources Amazon’s team consists of talented employees dedicated to the company’s goals and objectives. It has the potential and the expertise to make successful the acquisition of the autonomous vehicles start-up because it has previous experience with the acquisition of other companies, such as Whole Foods (2017), Ring (2018), Zappos (2009), etc. (Statista, 2021a) (See Appendix 12).Based on that information the conclusion is that Amazon’s acquisition strategy is feasible.APPENDICESAppendix 1Autonomous Vehicle Market Report ScopeSource: Grand View Research (2020)Report Attribute DetailsMarket Volume in 2020 6.7 Thousand UnitsVolume forecast in 2030 4,223.8 Thousand UnitsGrowth Rate CAGR of 63.1% from 2021 to 2030Base year for estimation 2020Historical data NAForecast period 2021 - 2030Quantitative units Revenue in USD million and CAGR from 2021 to 2030Report coverageRevenue forecast, company ranking, competitive landscape,growth factors, and trendsSegments covered Application and regionRegional scope North America; Europe; Asia Pacific; South America; MEACountry scopeU.S.; Canada; Mexico; U.K.; Germany; France; Netherlands;Sweden; China; Japan; Singapore; Australia; and BrazilKey companies profiledAudi AG; BMW AG; Daimler AG (Mercedes Benz); Ford MotorCompany; General Motors; Google LLC; Honda MotorCorporation; Nissan Motor Company; Tesla, Inc.; and ToyotaMotor Corporation.Appendix 2Stock market performance of , Inc., General Motors Company and Alphabet Inc. Source: Verison Media (2021a)Source: Verison Media (2021b)Source: Verison Media (2021c)Appendix 3Porter’s five forces of competition frameworkSource: Grant (2016)Appendix 4Resources and capabilitiesSource: Whittington et al. (2020)Appendix 5Value ChainSource: Grant (2016)Appendix 6VRIO MatrixSource: Whittington et al. (2020)Appendix 7Amazon’s global brand value from 2006 to 2020 (in billion U.S. dollars)Source: Statista (2021b)Appendix 8Ranking of the 20 companies with the highest spending on research and development in 2018Source: Statista (2021c)Appendix 9The SAFE criteria and key questionsSource: Whittington et al. (2020)Appendix 10Ansoff’s Corporate strategy DirectionsSource: Whittington et al., (2020) Appendix 11The TOWS MatrixSource: Whittington et al., (2020)Appendix 12Most expensive acquisitions by Amazon as of June 2018 (in million U.S. dollars)Source: Statista (2021a)REFERENCE LISTAmazon (2020) , Inc. - Annual reports, Proxies and Shareholder Letters. 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(2016) Contemporary Strategy Analysis: Text and Cases. 9th ed. Chichester, West Sussex, United Kingdom: John Wiley & Sons Inc.Green Journal (2020) How Will Self-Driving Vehicles Impact the Environment? Available at: (Accessed: 02/04/21).Hamilton, I.A. (2020) Amazon has agreed to buy Zoox for a reported $1.2 billion. Available at: (Accessed: 11/04/21).Handley, L. (2020) Amazon’s brand value tops $400 billion, boosted by the coronavirus pandemic: Survey. Available at: (Accessed: 03/04/21).Handley, L. (2020) Amazon’s brand value tops $400 billion, boosted by the coronavirus pandemic: Survey. Available at: (Accessed: 03/04/21).Hayes, A. (2021) Capital Gearing. Available at: (Accessed: 22/04/21). (2021) Amazon (AMZN) Financial Summary. UK. Available at: (Accessed: 11/04/21).Johnson, G., Whittington, R., Scholes, K., Angwin, D. and Regner, P. (2017) Exploring Strategy: Text and Cases. 11th ed. Harlow, England: Pearson.Kopestinsky, A. (2021) 25 Astonishing Self-Driving Car Statistics for 2020. Available at: (Accessed: 02/04/21).Korosec, K. (2020) Zoox becomes fourth company to land driverless testing permit in California. Available at: (Accessed: 24/04/21).Liberto, D. (2020). Why Amazon Is Investing in Self-Driving Technology. Available at: (Accessed: 13/03/21).MarketScreener (2021) , INC. Available at: (Accessed: 11/04/21).McGee, P. and Lee, D. (2020) Amazon acquires self-driving start-up Zoox for over $1.2bn. Available at: (Accessed: 13/03/21).McKinsey & Company (2017) Self-driving car technology: When will the robots hit the road? Available at: (Accessed: 28/03/21).McKinsey & Company (2021) Autonomous Driving. Available at: (Accessed: 28/03/21).Othman, K. (2021) Public acceptance and perception of autonomous vehicles: a comprehensive review. AI and Ethics. Available at: (Accessed: 22/04/21).Pattinson, J.-A., Chen, H. and Basu, S. (2020) Legal issues in automated vehicles: critically considering the potential role of consent and interactive digital interfaces. Humanities and Social Sciences Communications. 7. Available at: (Accessed: 02/04/21).Statista (2021a) Amazon: most expensive acquisitions 2018. Available at: (Accessed: 22/04/21).Statista (2021b) Amazon's global brand value from 2006 to 2020. Available at: (Accessed: 03/04/21).Statista (2021c) Top 20 R&D spenders 2018 | Statista. [online] Statista. Available at: (Accessed: 23/04/21).Templeton, B. (2020) Amazon-Zoox Deal Details Leak And Hint At Expensive Acquihire. Available at: (Accessed: 22/04/21). Verizon Media (2021a) Alphabet Inc. (GOOGL) Stock Price, Quote, History & News - Yahoo Finance. Available at: (Accessed: 22/04/21).Verizon Media (2021b) , Inc. (AMZN) Stock Price, News, Quote & History - Yahoo Finance. Available at: (Accessed: 22/04/21).Verizon Media (2021c) General Motors Company (GM) Stock Price, Quote, History & News - Yahoo Finance. Available at: (Accessed: 22/04/21).Whittington, R., Regnér, P., Angwin, D., Johnson, G. and Scholes, K. (2020) Exploring Strategy. 12th ed. Hoboken: Pearson.Williams, E., Das, V. and Fisher, A. (2020) Assessing the Sustainability Implications of Autonomous Vehicles: Recommendations for Research Community Practice. Sustainability, 12(5), p.1902. DOI: 10.3390/su12051902. ................
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