Volkswagen becomes Rivian’s top shareholder, displacing Amazon

Volkswagen has officially surpassed Amazon to become the largest shareholder in Rivian, according to new disclosures from the U.S. Securities and Exchange Commission. The German automotive giant has increased its equity stake in the electric vehicle startup from 8.6% to an impressive 15.9% in less than two years, primarily due to a strategic partnership focused on advancing electric vehicle technology. This collaboration, known as the Rivian and Volkswagen Group Technologies joint venture, was formally established in November 2024. The partnership is dedicated to enhancing electrical architecture and software for Rivian’s lineup. Volkswagen's investment is set to grow further, contingent upon Rivian fulfilling specific milestones. Overall, VW has pledged a total of $5.8 billion to Rivian, with the funds being released as certain targets are met. The deal began with an initial investment of $1 billion, followed by another $1 billion slated for mid-2025. Rivian recently secured an additional $1 billion following successful winter testing of the VW ID.EVERY1, a new four-door hatchback that will be the first vehicle utilizing the joint venture's advanced software and architecture. Recent SEC filings indicate that Volkswagen now holds approximately 209.7 million shares of Rivian stock. In contrast, Amazon, which has been a longstanding supporter and customer of Rivian, currently possesses 12.28% of the company. Initially, Amazon invested $700 million in Rivian during its early stages as a private entity and disclosed in 2021 that it owned a 20% stake before Rivian’s public offering. Besides being a shareholder, Amazon has a significant customer relationship with Rivian, having entered an agreement in September 2019 to develop 100,000 electric delivery vans. Other notable shareholders include Oryx Global, with an 8.6% stake, and Vanguard at 5.1%. Rivian's founder and CEO, RJ Scaringe, retains about 1.1% ownership. Volkswagen's investment comes at a pivotal time for Rivian as it ramps up research and development while preparing to launch its R2 model, which began production in April and is anticipated to reach customers soon. If the VW-Rivian partnership proves successful, it could open doors for future technology licensing opportunities or new product categories. Notably, this joint venture does not encompass artificial intelligence or autonomous driving, two sectors where Rivian has been heavily investing. In 2025, Rivian allocated $1.7 billion for R&D, slightly up from $1.6 billion in 2024, primarily focused on autonomous vehicle technology. Despite these investments, Rivian has indicated that it does not expect to achieve positive EBITDA in the coming year due to its extensive R&D expenditures.