Volkswagen becomes Rivian's top shareholder, displacing Amazon

Volkswagen has become Rivian's largest shareholder by pushing Amazon out of the top position, new filings with the U.S. Securities and Exchange Commission show. The company's stake in the electric vehicle maker rose from 8.6 percent to 15.9 percent in less than two years. This increase is linked to a joint venture focused on electrical architecture and software. Volkswagen committed to invest 5.8 billion dollars in Rivian, with the funds released upon reaching certain milestones. The automaker provided an initial 1 billion dollars and another 1 billion dollars in mid-2025. Rivian received a further 1 billion dollars last month following winter testing of the VW ID.EVERY1, a small four-door hatchback. Recent SEC filings indicate that Volkswagen now holds 209.7 million shares of Rivian stock. Amazon maintains a 12.28 percent ownership stake in Rivian. The online retailer invested 700 million dollars in the company as an early backer and reported a 20 percent holding in 2021 ahead of the initial public offering. Amazon also agreed in September 2019 to purchase 100,000 electric delivery vans from Rivian. Oryx Global owns 8.6 percent of Rivian, while Vanguard holds 5.1 percent. Rivian founder and chief executive RJ Scaringe owns approximately 1.1 percent of the company. The investment arrives as Rivian advances its R2 midsized sport utility vehicle. Production of the R2 began in April, with customer deliveries expected soon. Rivian allocated 1.7 billion dollars to research and development in 2025, compared with 1.6 billion dollars in 2024, with much of the spending directed at autonomy programs. The company does not anticipate reaching positive EBITDA next year due to these expenditures, according to a filing related to its partnership with Uber.