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Amazon shares close lower on Monday, company to invest over EUR 1 billion in European electric vehicle fleet

Amazon.com Inc (AMZN) announced on Monday plans to invest over EUR 1 billion during the next 5 years in electric vans, trucks and low-emission package hubs in Europe, as it accelerates net-zero carbon push.

The e-commerce giant said the investment would help its European electric van fleet expand from 3,000 vehicles to more than 10,000 vehicles by 2025.

Amazon did not specify what percentage of its European last-mile delivery fleet was at present electric. Yet, the company noted its 3,000 zero-emission vans had delivered more than 100 million packages last year.

Amazon also said it intended to buy over 1,500 electric heavy goods vehicles, which would handle “middle-mile” shipments to package hubs, during the upcoming years.

Amazon shares closed lower for a fourth consecutive trading session on NASDAQ on Monday. The stock went down 0.78% ($0.89) to $113.67, after touching an intraday low at $112.43. The latter has been a price level not seen since September 23rd ($112.06).

The shares of Amazon.com Inc have retreated 31.82% so far in 2022 compared with a 24.21% loss for the benchmark index, S&P 500 (SPX).

In 2021, Amazon.com Inc’s stock went up 2.38%, thus, it again underperformed the S&P 500, which registered a 26.89% gain.

Analyst stock price forecast and recommendation

According to TipRanks, at least 35 out of 36 surveyed investment analysts had rated Amazon.com Inc’s stock as “Buy”, while 1 – as “Hold”. The median price target on the stock stands at $171.94.

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