Amazon has unveiled a new budget-friendly outlet called Haul, aiming to capture the market share of low-cost retailers such as Temu and Shein. Announced on Wednesday, Haul is a mobile-only shopping experience within Amazon’s Shopping app, exclusively available to US customers.

The standout feature of Haul is its price cap, with all products available for $20 (approximately £15.79) or less. The platform promises “crazy low prices” for goods that may take up to two weeks for delivery—a strategy mirroring the business models that have driven the rapid growth of its Chinese rivals.

Temu and Shein have seen explosive growth in recent years by offering inexpensive items with extended shipping times. However, they have also faced scrutiny for their environmental impact and alleged exploitation of import loopholes. “Temu and Shein have faced backlash both for taking advantage of import loopholes and for being wasteful and environmentally irresponsible,” said Sucharita Kodali, a retail analyst at Forrester. Kodali noted that Amazon Haul could face similar challenges.

Despite these potential pitfalls, Amazon is focusing on low-cost offerings with products priced significantly below the $20 cap. The company cited examples such as a three-piece razor set and a necklace, bracelet, and earring set, each priced at under $3. To further attract shoppers, Amazon is offering free shipping on orders over $25, with expected delivery times between one and two weeks.

“Finding great products at very low prices is important to customers, and we continue to explore ways that we can work with our selling partners so they can offer products at ultra-low prices,” said Dharmesh Mehta, Amazon’s vice president of worldwide selling partner services. Mehta emphasized that the Haul shopping experience is still in its “beta” phase, with plans to refine and expand the platform based on user feedback.

Haul also promises that all listed products will be backed by Amazon’s product guarantees, ensuring consumer confidence in product safety. The move comes as global regulators increasingly monitor platforms that push mass-produced goods at exceptionally low prices. For instance, the European Commission initiated action against Temu in October over concerns about illegal product sales.

“It’s still early days,” Mehta stated, adding that Amazon will assess customer feedback to adapt and improve the service in the coming months.

With Haul, Amazon is making its most significant foray yet into the competitive market for ultra-affordable, slower-shipping products—a market that has upended conventional retail practices and attracted millions of budget-conscious shoppers worldwide.

Tesla’s stock surged over 10% in Friday afternoon trading, propelling the electric vehicle giant’s market capitalization past the $1 trillion mark. This significant gain followed a week where Tesla shares jumped by approximately 27%, spurred by Donald Trump’s victory in the U.S. presidential election and investor optimism about how his administration might benefit Tesla. CEO Elon Musk has been a prominent Trump supporter, contributing at least $130 million to pro-Trump campaign efforts.

Tesla’s market capitalization stood at $807.1 billion at Tuesday’s close before this week’s rally. With the latest surge, the company’s stock has increased about 29% for the year. Tesla now rejoins a select group of tech powerhouses worth over $1 trillion, including Nvidia, Apple, Microsoft, Alphabet, Amazon, and Meta, with most of these companies exceeding $2 trillion in value. Tesla initially crossed the $1 trillion threshold in October 2021.

Wedbush Securities analyst Dan Ives noted that Trump’s potential administration could reduce regulatory pressures on Tesla and other firms. “Tesla has the scale and scope that is unmatched in the EV industry,” Ives wrote in a client note, suggesting that a shift away from EV subsidies combined with increased tariffs on Chinese EV competitors like BYD and Nio could give Tesla a stronger foothold in the U.S. market.

Bitcoin crossed the $70,000 mark for the first time since June, as investor optimism grows ahead of MicroStrategy’s earnings release and the upcoming U.S. presidential election. The leading cryptocurrency climbed 2% to $71,048.36, while Ether, the second-largest cryptocurrency, jumped 5%.

Stocks tied to cryptocurrencies followed the upward trend, with Coinbase, a major crypto exchange, advancing 3%, and MicroStrategy, a company known for its significant bitcoin holdings, rising 5% in premarket trading. The last time Bitcoin approached this level was earlier this year in June, after hitting its all-time high of $73,797.68 in March. Although previous rallies above $70,000 were short-lived, current momentum is building as markets prepare for key financial and political events.

With the U.S. presidential election just days away, Bitcoin has traded within a narrow range between $55,000 and $70,000. However, the approaching Election Day on November 5 and the Federal Reserve’s upcoming rate policy decision on November 7 could serve as catalysts for a potential breakout. Republican nominee and former president Donald Trump has embraced the crypto industry, positioning himself as a pro-crypto candidate, while Democratic nominee Kamala Harris has been more reserved on the issue, leaving the sector divided on how her presidency might impact the industry.

Investors are also closely monitoring earnings from Coinbase and MicroStrategy, both scheduled for Wednesday. MicroStrategy, often viewed as a proxy for bitcoin due to its large holdings, has seen its longest winning streak since 2010, with Monday’s closing price being its highest since March 15, 2000.

Bitcoin has surged 5% over the past week, putting it on track to close October with a 12% gain. The rise has been fueled by significant inflows into bitcoin ETFs, contributing to the cryptocurrency’s positive momentum as the month draws to a close.