Written by Cláudio Afonso | Info@claudio-afonso.com | LinkedIn | X
Amazon published on Tuesday its first quarter financial results reporting better-than-expected revenue and earnings while its Web Services also surpassing analysts’ consensus. Amazon disclosed that has received more than 13,500 vans from Rivian which are already in operation in the United States.
In 2019, the company announced a partnership with Rivian to design and build 100,000 electric delivery vans (EDVs) by 2030. Rivian delivered the first units in the summer of 2022 and has since supplied more than 13,500.
The company has over 17,000 chargers installed at more than 120 delivery stations across the United States.
Amazon has expanded its electric vehicle program to Europe, where it has already deployed thousands of electric vans. Recently, it announced plans to introduce over 300 electric vans in Germany.
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Amazon’s first quarter net income includes a pre-tax valuation loss of $2.0 billion included in non-operating expense from the investment in Rivian, compared to a pre-tax valuation loss of $0.5 billion from the investment in the first quarter of 2023.
Amazon’s net income increased to $10.4 billion in the first quarter, compared with $3.2 billion in the same period of 2023.
Truist Securities analyst Jordan Levy lowered earlier today the firm’s price target on Rivian shares while maintaining the Hold rating. The company will report its first quarter Earnings Results on May 7 after the market closing.
Levy said he expects “few surprises” in the earnings results adding that the firm expects the full year production guidance to be reiterated.
“With the first quarter production/delivery numbers previously reported, we expect few surprises in RIVN’s 1Q report,” the analyst said.
Written by Cláudio Afonso | Info@claudio-afonso.com | LinkedIn | X
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