As per a Reuters report, e-commerce giant Amazon (AMZN) announced the addition of five fully electric heavy goods vehicles to its fleet to achieve net-zero carbon emissions across its business by 2040.
The company seeks to add four more electric vehicles by the end of 2022. Notably, about 1,000 electric delivery vans are already in use.
Reuters highlighted that these vehicles will be charged and operated out of Amazon’s Tilbury and Milton Keynes’ 360kW sites.
“Amazon is one of the first companies in the world to put electric heavy goods trucks on the road. We’re committed to becoming net-zero carbon by 2040, and this is a milestone as we continue to decarbonise our transportation network so we can deliver more customer orders using zero-emissions vehicles,” a Manager at Amazon UK told Reuters.
Wall Street’s Take
Recently, Morgan Stanley analyst Brian Nowak maintained a Buy rating on Amazon with a price target of $4,200 (28.3% upside potential from current levels).
Overall, the Street is bullish on the stock and has a Strong Buy consensus rating based on 34 unanimous Buys. The Amazon stock price prediction of $4,185.75 implies upside potential of about 27.9% from current levels.
Website Traffic
TipRanks’ Website Traffic tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into AMZN’s performance.
According to the tool, the Amazon website recorded a 16% monthly decrease in global visits in February, compared to the previous year. Likewise, the website traffic has declined 23.4% year-to-date against the same period last year.
Takeaway
Amazon’s step to change its fleet to electric vehicles amid the rising importance of sustainability among investors and increasing diesel costs seems to be a positive factor.
Also, the company continues to leave no space untapped, as its offerings range from digital retail and the cloud to video-streaming, automation robotics and much more. Lastly, more upside potential can be seen in the stock due to the company’s dominant position in the e-commerce space.
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