Morgan Stanley: Push to electric vans and trucks will be led by Amazon and other 'megafleets'

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Amazon is one of many technology and logistics companies with a “megafleet” of vehicles and Morgan Stanley thinks the e-commerce giant’s goal of carbon neutrality will take “EVs to the next level.”

“Amazon’s plans to have 50% of its trips carbon neutral by 2030 implies a major push in electric vans/delivery vehicles,” Morgan Stanley analyst Adam Jonas wrote in a note on Wednesday. “We think investors should prepare for more moves by megafleets to solve for sustainability.”

Jonas is widely recognized on Wall Street as one of the first to note the significance of Tesla and electric vehicles to the auto industry. He pointed out that Amazon’s carbon neutrality target “comes on the heels of leading a $0.7 [billion] capital raise for electric pickup truck and SUV maker Rivian.” Jonas featured Rivian in multiple notes last week, calling the start-up “a serious problem for Detroit” and “the next serious competition for Tesla”

Amazon’s plan will requires “an aggressive adoption” of electric vehicles, Jonas said, “which may penetrate megafleet managers and logistics markets faster than the penetration of private/single-vehicle ownership models.”

“In our view, the ‘front line’ of sustainable propulsion systems will be fought in dense urban and suburban transport networks where large, well-resourced, and technologically savvy companies managing fleets of potentially many millions of vehicles may be held to strict standards of tailpipe emissions by local/metropolitan governments,” Jonas added.

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