Rivian Continues to Rally on More Positive Headlines
Shares of Rivian Automotive (RIVN:US) have continued to move higher on Wednesday after the company said it has started delivering the electric vans it produces for Amazon.com Inc. (AMZN:US) to Europe.
The arrival of over 300 electric vans in Germany for Amazon marks the first commercial shipments outside the U.S. for Rivian’s vans business. Amazon is Rivian’s largest shareholder and biggest customer after it ordered 100,000 vans to be delivered by the end of the decade.
“We’re thrilled to see the EDV rolling out in Germany today,” said Dagan Mishoulam, Vice President, Strategy & Go To Market, Rivian.
“This vehicle was designed in conjunction with our partners at Amazon and not only puts driver convenience and safety first, but also the environment. We’ve had incredible feedback from drivers in the US and we're excited to start international expansion in Germany. Today is a real milestone for us as it also marks the first Rivian vehicles in Europe and we’re very excited about our future in the region.”
Rivian shares initially rose over 17% on Monday after the EV company said it delivered 12,640 cars in the second quarter, above the 11,302 expected by Wall Street analysts. Rivian also produced 13,992 EV units, again above the Street expectations.
The EV business added that it remains to deliver on the 50,000 annual production guidance previously offered. It is due to report Q2 results on August 8.
Congressman Daniel Goldman was trading Rivian shares earlier this year. Most recently, the Congressman sold $15,000 - $50,000 worth of RIVN shares on March 6.
