Volkswagen becomes Rivian’s top shareholder, displacing Amazon

Volkswagen has pushed Amazon out of the top spot to become Rivian’s largest shareholder, new filings with the U.S. Securities and Exchange Commission show. VW Group’s increasing equity stake in Rivian, which has grown from 8.6% to 15.9% in less than two years, is tied to a joint venture with the EV startup. The Rivian and Volkswagen Group Technologies joint venture — officially formed in November 2024 — is focused on the development of electrical architecture and software. And that stake will continue to grow, as long as Rivian continues to meet its end of the deal. VW has committed to invest $5.8 billion into Rivian, capital that is unlocked as certain milestones are reached. The German automaker kicked off the deal with an initial $1 billion investment, followed by another $1 billion in mid-2025. Rivian received another $1 billion last month after completing winter testing of the VW ID.EVERY1 , a small four-door hatchback that will be the first vehicle under the joint venture to be equipped with its software and electrical architecture. The latest SEC documents , filed Monday, show that VW Group now owns 209.7 million shares of Rivian stock. Amazon, a longtime backer and customer, holds 12.28% of Rivian. Amazon was an early backer of Rivian, investing $700 million into the company when it was still a privately held upstart. The company disclosed in 2021, ahead of Rivian’s IPO, that it held a 20% stake in Rivian. …