Rivian shares appeared on Amazon EV truck delivery in Germany
Rivian’s Amazon vans roll into Germany and take the warehouse for a joyride. The company announced that more than 300 electric vans will be delivered to a number of German cities, including Munich, Berlin, and Dusseldorf. The news, along with its promising second quarter results, caused the share price to pop up more than 14% on Monday (July 3). Today (July 5) the share is is up 3.9% in pre-market trading.
The electric car maker’s public debut in November 2021 was one for the books, when it surpassed General Motors (GM) and Ford in market value. But since reaching the early peak, the stock has fallen, losing about 90% of its November 2021 value, like Rivian repeatedly failed to meet expectations due to production issues and other supply chain issues. Last month was Rivian dropped off Nasdaq 100 due to its diminishing value over months muted gains.
Analysts have nevertheless believed that Rivian is ready to become one one of the major players over the next decade, along with the likes of electric car manufacturers Fishing and Sure. According to Jordan Levy, analyst at Truist Securitiesmaking Amazon deliveries not only helps Rivian on the brand recognition front, but also in collecting data through the deliveries that can inform the company’s software.
Charted: Rivian’s stock ups and downs over the past year
Rivian’s Amazon and other orders, by the numbers
100,000: Vans Amazon – Rivian’s largest shareholder and largest customer – has ordered to be delivered by the end of the decade
3000: Rivian vans Amazon has already distributed across cities across the United States
10,000: How many vans Rivian said it would deliver to Amazon by the end of last year, but then fell short of its target
13,992: Rivian’s production at its Normal, Illinois plant in the quarter ended June 2023 beat Wall Street estimates of nearly 11,000
12,640: Vehicles Rivian delivered to customers during the second quarter, compared to 4,401 in the same quarter of 2022
50,000: Vehicles Rivian doubled production this year, more than doubling production from a year ago
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