Following a week of analyst upgrades and product expansion to Europe through a partnership with Amazon, Rivian shares are riding out the week on a high note.
The stock is currently on its longest winning streak since September 2022 currently on pact for a 48% rise and the best eight day stretch on record.
Wedbush analyst Dan Ives echoed his outperform rating and raised his share-price target to $30 from $25 on Friday, saying the 20% jump in price target reflects the EV maker turning to its long-term business model
"Demand remains firm for the company’s unique EV model lineup while production appears to now be on the road to success as seen with stronger deliveries," Ives wrote.
Shares of Rivian have gained over 34% this year.
Earlier this week, Rivian’s largest stakeholder Amazon announced it was taking the auto company’s technology to Europe.
"We’re thrilled to see the EDV [electric delivery vans] rolling out in Germany today," Rivian VP of Strategy Dagan Mishoulam said.
"This vehicle was designed in conjunction with our partners at Amazon and not only puts driver convenience and safety first but also the environment," he added. "We’ve had incredible feedback from drivers in the U.S., and we're excited to start international expansion in Germany."
Over 300 electric last-mile delivery vans will be on the streets of Munich, Berlin and Düsseldorf in the coming weeks. Last year, Amazon announced plans to invest over $1.09 billion to electrify its European transportation network. Over 45 million packages have been delivered in Germany
Amazon said it will build a fleet of 100,000 electric delivery vehicles from Rivian by 2030.
The tech company has been testing deliveries with Rivian preproduction vehicles in Europe since 2022, allowing the EV builder to improve the vehicle’s performance, safety and durability in various climates and geographies.