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Rivian stock surges after Amazon announces EV roll out across U.S.

Rivian stock surges after Amazon announces EV roll out across U.S.

Electric truck startup Rivian Automotive (NASDAQ: RIVN) ended the trading session on July 21, up 4.25% after Amazon (NASDAQ: AMZN) announced that it had begun distributing packages utilizing Rivian delivery vans.   

Rivian vans will begin their journeys with Amazon packages in Baltimore, Chicago, Dallas, Kansas City, Nashville, Phoenix, San Diego, Seattle, and St. Louis, among other cities. Meanwhile, expectations are that the vehicles will be employed in more than 100 cities by the end of the year, with Amazon hoping to have 100,000 Rivian vans on the roads by 2030. 

Andy Jassy, CEO of Amazon, lauded the Rivian trucks and explained how they fit into their zero carbon emissions pledge. 

“And, in addition to being sustainable, these new vehicles are also great for drivers—they were designed with driver input and feedback along the way, and they’re among the safest and most comfortable delivery vehicles on the road today. In 2019, Rivian and Amazon committed to fast-tracking a new type of delivery vehicle that would result in a significant reduction of carbon emissions.”

RIVN chart and analysis

For the time being, the long-term trend still appears negative for Rivian stock (RIVN), but the short-term trend is positive, with the stock trading in the $24.48 to $34.75 range. The support line is identified at $27.59, while the resistance line is at $34.14.

RIVN 20-50-200 SMA lines chart. Source. data. See more stocks here.

Presently, analysts rate the shares as a moderate buy, seeing the average price in the next 12 months reaching $49.33, 44.54% higher than the current trading price of $34.13.

Wall Street analysts’ price targets for RIVN. Source: TipRanks  

Ultimately, Rivian is one of the first companies to receive investments through the Amazon Climate Pledge Fund, with vehicles tested since 2021, covering over 90,000 miles and delivering over 430,000 packages. 

With National Highway Traffic Safety Administration, California Air Resources Board, and U.S. Environmental Protection Agency, certificates in the bag, Rivian vans are cleared for roll-out, and more of them should be expected on the streets soon.

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