Amazon’s Major Stake in a Surprising EV Stock Beyond Tesla

Key Points

• Amazon is a leading shareholder of Rivian, owning approximately 158.36 million shares of the electric vehicle maker.

• Rivian reported a revenue of $1.4 billion in Q1 2023, an 11% increase year-over-year.

• Amazon aims to scale its fleet of electric delivery vans to 100,000 by 2030, with over 30,000 already in operation.

Rivian, a rising contender in the electric vehicle market, has garnered attention following Amazon’s $700 million investment in 2019. The EV manufacturer is set to launch its new model, the R2, targeting the competitive midsize SUV sector, even as it navigates a challenging EV market landscape. Investors should note Rivian’s 13% stock decline this year amid broader industry pressures, as well as its ambitious plans for autonomous driving in partnership with Uber, potentially securing up to $1.25 billion in investments.