Germany's Bundestag budget committee approved the procurement of 610 RMMV HX tactical trucks for the Bundeswehr.
The deal is valued at approximately €1 billion. Deliveries will begin later this year.
The order features 34 trucks in a 6x6 configuration. It also includes 576 trucks in an 8x8 configuration.
Rheinmetall stock faced mild downward pressure. UBS cut its price target for the company from €2,200 to €1,600. UBS maintained its Buy rating.
UBS cited investor concerns over legacy product exposure. The bank stated that current valuations overlook Rheinmetall's near-term strength in hybrid systems.