Rivian shares continued their upward climb Wednesday, to a new high, after Amazon announced it was taking the auto company’s technology to Europe.
Over the last five days, shares of Rivian have skyrocketed roughly 40% while a stake in Amazon has jumped around 25% during the last three months.
"We’re thrilled to see the EDV [electric-delivery-vans] rolling out in Germany today," Rivian's VP of strategy Dagan Mishoulam said.
"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."
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.
Rocco Bräuniger, Country Manager for Amazon.de, said "Amazon is committed to reaching net-zero carbon by 2040, and reducing our delivery-related emissions is a critical part of this goal."
"Last year we delivered more than 45 million packages in Germany with electric vans and e-cargo bikes, and these new additions from Rivian will help us deliver packages more sustainably and to more customers."
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Amazon said it will build a fleet of 100,000 electric delivery vehicles from Rivian by 2030.
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.
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.
Meanwhile, 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.
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Other automaker stocks rose in tandem including Tesla, Lucid, General Motors, Ford and Toyota.