Quite possibly one of the biggest moves electric vehicle maker Rivian (NASDAQ:RIVN) ever made was connecting with Amazon (NASDAQ:AMZN) to supply electric vans as delivery systems. With a presence in over 500 cities right now, Amazon’s new fleet of Rivian vehicles just crossed a major milestone, which was enough to send both Amazon and Rivian up slightly in Thursday’s trading.
The milestone in question: the Rivian fleet has delivered a combined total of 75 million packages to U.S. customers, and that number is climbing daily. With vans running from New York to Nashville and Provo to Pittsburgh, most of the country’s biggest cities have Rivian vans making deliveries therein. The Rivian vans were put in place as the result of an Amazon plan to reduce carbon emissions, and Amazon plans to step up their use from here.
Reports note that Amazon has already tripled the size of the fleet just since November. Several more cities—including Cleveland, Tampa, and Toledo—are on tap to see Rivian vans put to work as well. Amazon already plans to drop an additional billion euros over the next five years to stage a similar move throughout Europe, and Amazon is also laying cash into alternative fuels and green energy to keep the streak alive. Currently, reports note that Amazon’s electric fleet numbers over 3,000 vehicles, and Amazon expects to put 100,000 Rivian vans to work in the next seven years.
Rivian will land a lot of business in short order, and analysts look for big things. Currently, RIVN stock is rated as a Moderate Buy by analyst consensus with 95.21% upside potential thanks to its average share price of $28.11.