Volkswagen Group has overtaken Amazon as the largest shareholder in Rivian, according to newly filed documents with the U.S. Securities and Exchange Commission.
Volkswagen Stake Nearly Doubles In Less Than Two Years
Volkswagen Group’s ownership stake in Rivian has increased from 8.6% to 15.9% since the companies began collaborating on a software and electrical architecture partnership.
The increase is tied to the Rivian and Volkswagen Group Technologies joint venture, officially established in November 2024, which focuses on vehicle software systems and electrical architecture development.
SEC filings submitted Monday show Volkswagen now owns approximately 209.7 million shares of Rivian stock.
Investment Tied To Milestone-Based Funding Structure
Volkswagen has committed up to $5.8 billion to Rivian through the partnership, with investments released as technical and operational milestones are completed.
The automaker initially invested $1 billion, followed by another $1 billion in mid-2025. Rivian received an additional $1 billion last month after completing winter testing of the VW ID.EVERY1, which will become the first Volkswagen vehicle to use the joint venture’s software and electrical platform.
Amazon Remains Major Investor And Customer
Amazon now holds a 12.28% stake in Rivian. The company invested $700 million in Rivian before its public listing and previously disclosed a 20% ownership stake ahead of Rivian’s IPO in 2021.
Amazon is also a commercial customer. In 2019, Rivian signed an agreement to produce 100,000 electric delivery vans for Amazon.
Other major shareholders include Oryx Global with an 8.6% stake and Vanguard with 5.1%. Rivian founder and CEO RJ Scaringe holds approximately 1.1%.
Partnership Supports Rivian’s Expansion Plans
Volkswagen’s investment arrived as Rivian increased spending on research and development while preparing production of its R2 midsize SUV.
Rivian began production of the R2 in April and expects customer deliveries to start in the coming weeks.
The company spent $1.7 billion on research and development in 2025, compared with $1.6 billion the previous year. Much of the spending has been directed toward autonomous driving technologies and AI-related systems.
Autonomy Work Delays Profitability Timeline
The Volkswagen joint venture excludes Rivian’s AI and autonomous driving activities, areas where the company continues to invest heavily.
In a recent filing connected to its partnership with Uber, Rivian disclosed that continued R&D spending means it does not expect to reach EBITDA profitability next year.
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