[Special Stock] Daewon Hwasung Rises Over 20% on News of Amazon-Rivian Electric Vehicle Collaboration

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Myunghwan Lee] Daewon Chemical is showing strong performance from the early trading session on the 22nd. This is interpreted as investors' expectations rising following the news that Amazon, the world's largest e-commerce company, will deploy Rivian electric vehicles for delivery.

As of 9:54 AM today, Daewon Chemical is trading at 3,520 KRW, up 20.96% (610 KRW) compared to the previous trading day.

On the 21st (local time), Amazon announced that the first batch of custom-made electric delivery vans from Rivian has been shipped and will begin operations in about 10 U.S. cities including Chicago, Baltimore, Dallas, San Diego, and Seattle. Previously, Amazon announced in 2019 that it had formed an investment partnership with Rivian and pre-ordered 100,000 electric vans.

Daewon Chemical supplies high-quality synthetic leather materials to finished car manufacturers including Rivian, Hyundai Motor Company, and Kia.