Volkswagen overtakes Amazon as Rivian’s largest shareholder

Volkswagen has surpassed Amazon to become the largest shareholder in Rivian, according to newly released filings with the U.S. Securities and Exchange Commission.

Volkswagen Group's growing stake in Rivian — which has increased from 8.6% to 15.9% in under two years — is directly connected to a joint venture between the two companies. The Rivian and Volkswagen Group Technologies partnership, formally established in November 2024, is focused on developing next-generation electrical architecture and software systems.

That ownership stake is expected to continue to increase, provided Rivian meets the agreed-upon milestones under the deal.

Volkswagen has committed a total of $5.8 billion in investment into Rivian, with funding released in stages. The German automaker began with an initial $1 billion investment, followed by another $1 billion in mid-2025.

Rivian secured an additional $1 billion last month after completing winter testing for the Volkswagen ID.EVERY1, a compact four-door hatchback that will be the first vehicle produced under the joint venture to feature the shared software and electrical architecture.

According to the latest SEC filings submitted on Monday, Volkswagen Group now holds approximately 209.7 million shares of Rivian.

Meanwhile, Amazon — an early investor and key customer — now holds a 12.28% stake in Rivian. The company initially invested $700 million when Rivian was still private and disclosed ahead of the 2021 IPO that it owned around 20% of the business. In addition to its investment, Amazon remains a major customer, having signed a 2019 agreement for Rivian to produce 100,000 electric delivery vans.

Other major shareholders include Oryx Global with an 8.6% stake and Vanguard with a 5.1% stake. Rivian founder and CEO RJ Scaringe holds roughly 1.1% of the company.

Volkswagen's investment came at a pivotal time for Rivian, which has been investing heavily in research and development as it prepares to bring its R2 vehicle from concept to production. The company began producing the R2 in April and is expected to start delivering the midsize SUV to customers in the coming weeks.

If the partnership proves successful, the joint venture could open the door to broader opportunities, including licensing its technology to other companies or expanding into new categories. Notably, the collaboration does not cover artificial intelligence or autonomous driving — areas where Rivian has continued to invest heavily.

Rivian spent $1.7 billion on research and development in 2025, up from $1.6 billion the previous year, according to its annual filing. A significant portion of that spending has gone toward autonomous technology, contributing to the company's push to meet its profitability target beyond 2027.

In a separate filing related to its partnership with Uber, Rivian indicated it does not expect to achieve EBITDA profitability next year due to continued high R&D investment.