Rivian shares climb following first shipments of Amazon vans to Europe

Investing.com -- Shares in Rivian Automotive (NASDAQ: RIVN) jumped in premarket trading on Wednesday, boosted by news that e-commerce giant Amazon (NASDAQ: AMZN) will deploy its first vans in Europe made by the electric carmaker.

In a statement earlier this week, Amazon said that 300 of the vehicles will take to the roads in a number of regions in Germany over the coming weeks, including Munich, Berlin, and Düsseldorf. They are Rivian's first commercial shipments outside of the U.S.

Amazon has already ordered 100,000 cars from Rivian as part of its more than $1 billion push to electrify its transportation fleet. A little under half of these funds have been allocated to Germany.

Rivian's vans that will be used by Amazon in Europe will be thinner and shorter than their U.S. models in order to make driving on streets on the continent easier.

Amazon, which is also the largest shareholder in Rivian, already began to roll out these vans in several U.S. cities last year. By 2030, Amazon says it plans to have 100,000 Rivian vans in operation globally.

You May Also Be Interested In

• Amazon Prime Day could drive $21.6 billion in sales, boost Alexa adoption
• Apogee Therapeutics, BitFuFu rise premarket; AbbVie gains after deal
• Worried the AI trade has gone too far? Evercore likes these 4 stocks