Volkswagen Surpasses Amazon to Become Rivian’s Largest Shareholder
In a significant shift within the electric vehicle (EV) industry, Volkswagen Group has overtaken Amazon to become the largest shareholder in Rivian, according to recent filings with the U.S. Securities and Exchange Commission. Volkswagen’s stake in Rivian has increased from 8.6% to 15.9% over the past two years, a growth closely linked to their collaborative efforts in developing advanced electrical architecture and software for EVs.
The partnership between Volkswagen and Rivian, formalized in November 2024, is structured around milestone-based investments totaling $5.8 billion. Volkswagen initiated this commitment with an initial $1 billion investment, followed by another $1 billion in mid-2025. Most recently, Rivian received an additional $1 billion after successfully completing winter testing of the VW ID.EVERY1, a compact four-door hatchback that will be the first vehicle to feature the jointly developed software and electrical systems.
As of the latest SEC filings, Volkswagen holds approximately 209.7 million shares of Rivian stock. In contrast, Amazon’s stake has decreased to 12.28%. Amazon was an early investor in Rivian, contributing $700 million when the company was still privately held. In 2021, prior to Rivian’s initial public offering, Amazon disclosed a 20% ownership stake. Beyond investment, Amazon has been a significant customer, entering into an agreement in September 2019 for Rivian to produce 100,000 electric delivery vans.
Other notable shareholders include Oryx Global with an 8.6% stake and Vanguard holding 5.1%. Rivian’s founder and CEO, RJ Scaringe, maintains approximately a 1.1% ownership in the company.
This strategic alliance with Volkswagen comes at a pivotal time for Rivian, as the company has been heavily investing in research and development to bring its R2 midsized SUV from concept to production. Production of the R2 commenced in April, with customer deliveries expected in the coming weeks.
The success of the Volkswagen-Rivian joint venture could pave the way for future technology licensing agreements and expansion into new market segments. Notably, the current partnership excludes areas such as artificial intelligence and autonomous driving technologies, sectors where Rivian has been allocating substantial resources. In 2025, Rivian invested $1.7 billion in R&D, up from $1.6 billion in 2024, with a significant portion directed toward autonomy efforts. This focus has led the company to adjust its profitability projections, now aiming for positive EBITDA beyond 2027.
In a recent filing detailing a new partnership with Uber, Rivian disclosed that it does not anticipate achieving EBITDA positivity in the upcoming year due to ongoing R&D expenditures.
