Amazon.com Inc (NASDAQ:AMZN) has said it will invest more than €1 billion ($974.8 million) over the next five years in electric vans, trucks and low-emission package hubs across Europe, accelerating its drive to achieve net-zero carbon.
The online retail giant noted that the investment would help its electric van fleet in Europe more than triple from 3,000 vehicles to more than 10,000 by 2025.
The company said the investment was also aimed at spurring innovation across the transportation industry and encouraging more public charging infrastructure for electric vehicles (EVs).
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Amazon said it also hopes to purchase more than 1,500 electric heavy goods vehicles used for shipments to package hubs in the coming years.
The company's largest electric van order is for 100,000 vehicles from Rivian Automotive Inc (NASDAQ:RIVN) through 2025. Amazon said that alongside EVs, it will invest in thousands of chargers at facilities across Europe.
The retailer said it will also invest in doubling its European network of "micro-mobility" hubs from more than 20 cities currently. Amazon uses the centrally located hubs to run new delivery methods including electric cargo bikes or on-foot deliveries to cut emissions.
Amazon has said it plans to achieve net-zero carbon by 2040.