Rivian shares drive toward 9th straight win
Amazon pockets $1.8B of EV maker's stock as climb continues
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Shares of EV maker Rivian continued climbing on Monday and are now up over 93% during the last nine trading days on Wall Street.
The current winning streak marks the longest for the California-based automaker since September 2022.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| RIVN | RIVIAN AUTOMOTIVE INC. | 10.31 | -1.72 | -14.30% |
There was no fresh public news Monday; however, last week, Wedbush analyst Dan Ives echoed his outperform rating and raised his share-price target from $25 to $30, saying the 20% jump in price target reflects the EV maker turning to its long-term business model.
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Meanwhile, Rivian's largest shareholder, Amazon, has raked in a whopping $1.8 billion over the electric vehicle manufacturer's recent winning run. To date, Amazon holds 158.36 million shares of Rivian.
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On July 5, Amazon announced it was taking the auto company’s technology to Germany.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC. | 211.48 | -2.62 | -1.22% |
"We’re thrilled to see the EDV [electric delivery vans] rolling out in Germany today," said Rivian VP of Strategy Dagan Mishoulam.
Amazon delivery vans manufactured by Rivian. (Rivian)
"This vehicle was designed in conjunction with our partners at Amazon and not only puts driver convenience and safety first but also the environment," he added. "We’ve had incredible feedback from drivers in the U.S., and we're excited to start international expansion in Germany."
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Over 300 electric last-mile delivery vans will be on the streets of Munich, Berlin and Düsseldorf in the coming weeks. Last year, Amazon announced plans to invest over $1.09 billion to electrify its European transportation network.
Each vehicle has a display monitor that enables seamless access to routing, navigation, driver support and more. (Amazon)
Amazon said it will build a fleet of 100,000 electric delivery vehicles from Rivian by 2030.
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In 2022, Amazon used zero-emission vehicles including electric vans and micromobility solutions like e-cargo bikes, e-scooters and walkers, to deliver more than 120 million packages to customers in Europe, according to Amazon.
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Also in 2022, Amazon unveiled its electric delivery vans in the U.S. with more than 3,000 vehicles now delivering packages around the country.
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The tech company has been testing deliveries with Rivian preproduction vehicles in Europe since 2022, allowing the EV builder to improve the vehicle’s performance, safety and durability in various climates and geographies.