Amazon.com, Inc AMZN will invest nearly $1 billion in electric vans, trucks, and low-emission package hubs in a drive to achieve net-zero carbon emissions.
What Happened: The Jeff Bezos-founded company said it will pour in more than 1 billion euros ($973.48 million) into a fleet consisting of more than 10,000 electric vehicles by 2025. This will triple the number of electric vans it currently operates on the continent from 3,000, reported Reuters.
The company also reportedly hopes to purchase more than 1,500 electric heavy goods vehicles to carry out “middle-mile” shipments to package hubs in the years ahead.
The e-commerce giant said it would also invest in thousands of chargers across Europe, reported Reuters.
Amazon also has plans to double its European “micro-mobility” hubs from the more than 20 that exist today, according to the report.
See Also: How To Buy Amazon (AMZN) Stock
Why It Matters: Amazon began rolling out electric vans in partnership with Rivian Automobile Inc RIVN in July.
The company plans to roll out 100,000 custom electric delivery vehicles across the United States by 2030.
The rollouts in U.S. and Europe come amid its pledge by Amazon to achieve net-zero carbon across its operations by 2040.
Price Action: On Friday, Amazon shares closed 4.8% lower at $114.56 in the regular session, according to Benzinga Pro data.
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